Bright outlook for Petrobras

Petrobras: Bright outlook

SCANPIX/AFP PHOTO / RIA NOVOSTI / KREMLIN POOL / MIKHAIL KLIMENTYEV

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By News Wires

 15 January 2010 21:27 GMT

Brazilian state-run energy giant Petrobras may or may not have added to its proved reserves last year--depending on the criteria--but the company's overall outlook is still very bright.



Petrobras reported an 8.5% gain in proved oil reserves according to criteria used by the US Securities and Exchange Commission, while reserves decreased slightly under rules established by the Society for Petroleum Engineers.

However, the key to the data, released yesterday night, is that only a minimal amount of recently discovered pre-salt oil was included in the total, Dow Jones reported.

That means Petrobras' proved reserves--especially on the domestic side--should climb dramatically in the next few years.

Petrobras also recorded substantial growth in its reserve-replacement index, a key measure of an oil…

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