RIO DE JANEIRO, BRAZIL - Brazil's proven reserves (1P) of oil fell 6.7% in 2020, compared to 2019. According to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP), 11.89 billion barrels were declared last year.
The ANP points out that the impacts of the Covid-19 pandemic on the development of oil and gas exploration and production projects, and the record production registered in 2020, help explain the drop in reserves.
In general, the volume of reserves is negatively impacted by production during the year and positively impacted by additional reserves from new development . . .