Pursuant to Rule 13a-16 or 15d-16 of the
20031-912 - Rio de Janeiro, RJ
Federative Republic of Brazil
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
This report on Form 6-K is incorporated by reference in the Registration
Statement on Form F-3 of Petróleo Brasileiro -- Petrobras (No. 333-163665).
PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Material Fact
Petrobras’ Proved Reserves in 2011
Rio de Janeiro, January 16, 2012 – Petróleo Brasileiro S.A. - Petrobras announces its proved reserves of oil, condensate and natural gas in 2011 according to the Security and Exchange Commission – SEC criteria.
Petrobras’ Proved Reserves in 2011
On December 31st, 2011, Proved Reserves were 12.873 billion boe, representing an increase of 1% in relation to 2010, distributed as shown:
|
Proved Reserves – SEC Criteria |
Volume (billion boe) |
% |
|
Brazil |
12.256 |
95 |
|
International |
0.617 |
5 |
|
Total |
12.873 |
100 |
During 2011, 1.014 billion boe were incorporated into Proved Reserves and 889 million boe were produced, resulting in an increase of 0.125 billion boe in relation to 2010 reserves (12.748 billion boe).
|
Proved Reserves Breakdown – SEC |
Volume (billion boe) |
|
A) Proved Reserves in December, 2010 |
12.748 |
|
B) 2011 Production |
(0.889) |
|
C) Incorporation of Proved Reserves in 2011 |
1.014 |
|
D) Variation (B + C) |
0.125 |
|
E) Proved Reserves in December, 2011 (A + D) |
12.873 |
For each barrel of oil equivalent produced in 2011, 1.14 barrels of oil equivalent were appropriated, resulting in a Reserve Replacement Index of 114 %. The Reserve-Production Ratio was 14.5 years.
In addition to the volumes mentioned above, Petrobras has the right to produce, in pre-salt areas, 5 billion barrels of oil equivalent, acquired in 2010 with the Transfer of Rights Agreement.
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Petrobras Proved Reserves in Brazil
On December 31 2011, the Proved oil, condensate, and natural gas Reserves in the fields under concession to Petrobras in Brazil rose to 12.256 billion barrels of oil equivalent (boe), 1 % more than 2010.
|
Proved Reserves – SEC Criteria |
Volume |
% |
|
Oil and Condensate (billion bbl) |
10.411 |
85 |
|
Natural Gas (billion m3) |
293.323 |
15 |
|
Oil Equivalent (billion boe) |
12.256 |
100 |
During 2011, 0.937 billion boe were appropriated to the Proved Reserves, compared to a cumulative production of 819 million boe, as shown below:
|
Proved Reserves Breakdown – SEC Criteria |
Volume (billion boe) |
|
A) Proved Reserves in December, 2010 |
12.138 |
|
B) 2011 Production |
(0.819) |
|
C) Incorporation of Proved Reserves in 2011 |
0.937 |
|
D) Variation (B + C) |
0.118 |
|
E) Proved Reserves in December, 2011 (A + D) |
12.256 |
For each barrel of oil equivalent produced in 2011, 1.14 barrels of oil equivalent were appropriated, resulting in a Reserve Replacement Index (RRI) of 114%. The Reserve-Production ratio was 15.0 years.
The highlights in 2011, in terms of Proved Reserves incorporation, were:
§ Sapinhoá discovery in the pre-salt, at the Santos Basin Operational Unit – UO-BS
§ Discoveries in the Tiziu e Patativa, at the Rio Grande do Norte and Ceará Operational Unit – UO-RNCE; and Taparinga North, at the Bahia Operational Unit – UO-BA;
§ Discoveries in the Albacora Field, at the Campos Basin Operational Unit – UO-BC;
§ Reservoir management in producing fields
From the Campos and Santos Basin Pre-Salt, 0.518 billion boe of proved reserves are being appropriated
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
International Proved Reserves
On December 31 2011, Petrobras’ Proved oil, condensate, and natural gas Reserves abroad, as per the SEC criterion, were 0.617 billion boe, 1 % more than a year earlier (0.610 billion boe).
|
Proved Reserves - SEC |
Volume |
% |
|
Oil and Condensate (billion bbl) |
0.393 |
64 |
|
Natural Gas (billion m3) |
38.070 |
36 |
|
Oil Equivalent (billion boe) |
0.617 |
100 |
During 2011, 0.077 billion boe were appropriated to the Proved Reserves, compared to a cumulative production of 70 million boe, as shown below:
|
Proved Reserves Breakdown – SEC Criteria |
Volume (billion boe) |
|
A) Proved Reserves in December, 2010 |
0.610 |
|
B) 2011 Production |
(0.070) |
|
C) Incorporation of Proved Reserves in 2011 |
0.077 |
|
D) Variation (B + C) |
0.007 |
|
E) Proved Reserves in December, 2011 (A + D) |
0.617 |
For each barrel of oil equivalent produced in 2011, 1.10 barrels of oil equivalent we appropriated. The Reserve Replacement Index – RRI was 110% and the Reserve/Production (R/P) ratio was 8.8 years.
The main reserve incorporations were made in the projects Lucius and Hadrian, located in the Gulf of Mexico, and in the Agbami, Akpo and Egina, located in Nigeria, due to the change in the tax oil payment regime.
Petrobras clarifies that the hydrocarbon reserve properties belong to their respective National States.
Almir Guilherme Barbassa
CFO and Investor Relations Officer
Petróleo Brasileiro S.A. – Petrobras
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
|
PETRÓLEO BRASILEIRO S.A--PETROBRAS | ||
|
By: |
/S/ Almir Guilherme Barbassa
|
|
|
Almir Guilherme Barbassa
Chief Financial Officer and Investor Relations Officer |
||
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that are not based on historical facts and are not assurances of future results. These forward-looking statements are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results o f operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.