UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange
Act of 1934
For the month of
January, 2021
Commission File Number
1-15106
PETRÓLEO BRASILEIRO
S.A. – PETROBRAS
(Exact name of registrant
as specified in its charter)
Brazilian Petroleum
Corporation – PETROBRAS
(Translation of Registrant's
name into English)
Avenida República
do Chile, 65
20031-912 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal
executive office)
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____
Petrobras on Proved Reserves in 2020
—
Rio de Janeiro, January 26, 2021 - Petróleo
Brasileiro S.A. - Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC (US Securities and
Exchange Commission) regulation, estimated at 8.816 billion barrels of oil equivalent (boe), as of December 31, 2020. Oil and condensate,
and natural gas correspond to 86% and 14% of this total, respectively.
In 2020, we booked new reserves related
to the approval of new projects and the good performance of reservoirs, especially in Santos Basin pre-salt, resulting in an appropriation
equivalent to 101% of the year's production. This effect was partially offset by the reduction of oil prices by 32% in 2020, used
as future prices, according to SEC regulation.
Considering positive and negative effects
on our reserves, and disregarding the reduction due to assets sold, the reserves replacement was 29% of 2020 production.
Asset sales in 2020 are aligned with
the maximization of portfolio value, focused on world-class deepwater and ultra-deepwater assets, and their impact was not relevant
to the total volume of reserves.
The 2020 reserves still do not consider
new projects to be implemented as the result of the acquisition of the Transfer of Rights Surplus. These volumes will be considered
after signing the coparticipation agreements for Búzios and Itapu fields.
The
graph below presents
the evolution of proved reserves, in billions of barrels of oil equivalent.
(1) Does not consider: (a)
natural gas liquids, since the reserve is estimated as a reference point prior to gas processing, except in the United States and
Argentina; (b) volumes of injected gas; (c) production of extended well tests in exploratory blocks; and (d) production in Bolivia,
since the Bolivian Constitution does not allow the disclosure of reserves.
The R/P ratio (ratio between proved
reserves and production) is 9.6 years.
Petrobras historically submits at least
90% of its proved reserves to independent evaluation according to SEC definitions. Currently, this evaluation is conducted by DeGolyer
and MacNaughton (D&M).
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS
| Investors Relations
e-mail: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. República do Chile, 65 – 1803
– 20031-912 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning
of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934,
as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes",
"expects", "predicts", "intends", "plans", "projects", "aims", "should,"
and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company.
Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely
on the information included herein.
Petrobras also estimates reserves according
to the ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers) definitions. On December
31, 2020, proved reserves according to those definitions reached 9.427 billion barrels of oil equivalent.
The differences between the reserves
estimated by ANP/SPE definitions and those estimated using SEC regulation are mainly due to different economic assumptions and
to the possibility of considering as reserves those quantities forecasted to be produced after concession contract expiration in
fields in Brazil according to ANP reserves regulation.
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS
| Investors Relations
e-mail: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. República do Chile, 65 – 1803
– 20031-912 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning
of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934,
as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes",
"expects", "predicts", "intends", "plans", "projects", "aims", "should,"
and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company.
Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely
on the information included herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 26, 2021
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Andrea Marques de Almeida
______________________________
Andrea
Marques de Almeida
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR.A)
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