Brazil's 2007 Proven Oil Reserves Reach 12.623 Billion Barrels

Brazil at the end of 2007 had 12.623 billion barrels in proven oil reserves, the National Petroleum Agency, or ANP, said .
The country also had 364.99 billion cubic meters of natural gas reserves, the ANP said.
The ANP calculates reserves both from Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, and private oil companies such as Royal Dutch Shell Plc. (RDSA) or Devon Oil Corp. (DVN).
Petrobras in January said that it had proven oil reserves at the end of 2007 of 9.138 billion barrels, if calculated according to the strict criteria of the U.S. Securities and Exchange Commission, or SEC.
The ANP also included reserves from fields that are currently being developed, while the SEC demands, among other requirements, that oil companies have firm oil sale contracts for new fields to be considered company reserves.
Recently announced massive oil reserves at Petrobras' ultradeep Tupi field in Brazil's Santos Basin neither count toward Brazil's nor toward Petrobras' reserves yet. Petrobras in November had estimated reserves at Tupi at up to 8 billion barrels of oil equivalent.
Including probable reserves, the ANP sees Brazil's total oil reserves at the end of 2007 at 16.888 billion barrels, and gas reserves at 369.96 billion cubic meters.
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