Petróleo Brasileiro S.A. - Petrobras
Integrated Oil & Gas · Senior · Integrated · Oil-weighted · Other · Brazil
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 3 projects
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Petrobras — Exploration & Production
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Petrobras's consolidated upstream business, the operator of most of Brazil's oil and gas production, concentrated in the pre-salt and post-salt of the Santos and Campos basins. Proved reserves of 12,112 million boe at year-end 2025 (including 0.1% from equity-method investees) were evaluated by independent auditor DeGolyer and MacNaughton (93.2% reviewed). 2025 total production was 3.0 million boe/d. Brazil lifting cost was US$6.4/boe excluding leases and US$9.1/boe including leases.
Portfolio Aggregate
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Petrobras — Gas & Power
Portfolio · Other
Project information
Description
Petrobras's gas and power business, encompassing natural gas processing, transportation, distribution, and energy generation, supporting monetization of associated gas from the pre-salt and developing new gas projects such as Budião in the Sergipe-Alagoas Basin.
Portfolio Aggregate · Processing facilities
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Petrobras — Refining, Transportation & Marketing
Portfolio · Other
Project information
Description
Petrobras's refining, transportation, and marketing business, operating the majority of Brazil's refining capacity distributed throughout the country, along with logistics that move oil and gas to refineries and gas treatment units and trading of oil, oil products, natural gas, biofuels, and shipping.
Portfolio Aggregate · Processing facilities
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Operating · 8 projects
Atapu
Asset · Operating
Project information
Description
Petrobras-operated pre-salt oil field in the Santos Basin developed through a consortium, with the Atapu 2 phase among newer consortium developments.
Oil & Gas metrics
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Búzios
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Petrobras-operated giant pre-salt oil field in the Santos Basin, the company's largest field and a major source of reserve additions. New FPSOs Almirante Tamandaré and P-78 started up in 2025, and additional consortium phases include Búzios 8, 9, 10, and 11.
Oil & Gas metrics
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Itapu
Asset
Project information
Description
Petrobras-operated pre-salt oil field in the Santos Basin contributing to 2025 reserve additions from asset performance.
Oil & Gas metrics
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Marlim
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Petrobras-operated oil field in the Campos Basin undergoing revitalization. FPSO Anna Nery and FPSO Anita Garibaldi ramped up in 2025, supporting the conversion of undeveloped to developed reserves.
Oil & Gas metrics
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Mero
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Petrobras-operated pre-salt oil field in the Santos Basin developed through a consortium. FPSO Alexandre de Gusmão started up in 2025, supporting reserve additions and the conversion of undeveloped to developed reserves.
Oil & Gas metrics
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Sépia
Asset · Operating
Project information
Description
Petrobras-operated pre-salt oil field in the Santos Basin developed through a consortium, with the Sépia 2 phase among newer consortium developments.
Oil & Gas metrics
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Tupi (Lula) / Iracema
Asset
Project information
Description
Petrobras-operated pre-salt oil and gas field complex (Tupi/Iracema) in the Santos Basin, one of Brazil's largest producing fields and a contributor to 2025 reserve additions.
Oil & Gas metrics
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Pre-salt (Santos & Campos Basins)
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Petrobras's pre-salt production complex beneath the salt layer of the offshore Santos and Campos basins, the company's most productive resource base. Pre-salt represented 82% of total production in 2025, with own production of 2.4 million boe/d and operated production of 3.8 million boe/d, both annual records.
Oil & Gas metrics
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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