Espirito Santo Oil & Natural Gas Yearbook 2021
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ESPÍRITO SANTO OIL & NATURAL GAS YEARBOOK | 2021
CHAPTER 2| EXPLORATION AND PRODUCTION OF OIL IN ESPÍRITO SANTO
29
29
8.1%
was the drop in
offshore oil reserves
in Espírito Santo in 2020
36.7%
was the drop in
offshore natural gas
reserves in Espírito
Santo in 2020
2.4.1. Offshore reserves in Espírito Santo
In 2020, Espírito Santo's offshore
oil reserves fell by 8.1% compared
to the previous year, reaching 1.2
billion barrels of oil (chart 11). Upon
the decrease, the State recorded
the lowest level of offshore oil re-
serves in 17 years, thus losing its
position as the second State with
the highest volume of offshore oil
reserves. The state of São Paulo, by
recording a 123.4% increase in the
same comparison, takes over the
second position, only behind the
State of Rio de Janeiro.
Regarding offshore Natural Gas, in
2020, Espírito Santo reached 30.2
billion m3 of reserves, a 36.7% de-
crease compared to the previous
year (chart 12). Due to that de-
crease, the State lost its position as
Chart 12 Offshore Natural Gas Reserves (millions of m³)
110,000
70,000
the second State with the highest
volume of offshore natural gas re-
serves. The state of São Paulo, by
recording a 19.2% increase in the
same comparison, takes over the
second position, only behind the
State of Rio de Janeiro.
100,000
90,000
80,000
60,000
50,000
40,000
30,000
20,000
10,000
The indicator that assesses the
useful life of reserves that will
sustain production over time
showed that, currently, Espírito
Santo has offshore oil reserves
with a useful life estimated at 14
years, below the average Brazilian
indicator that recorded 19 years.
Concerning natural gas, the indi-
cator showed that Espírito Santo
reserves have a useful life of 13.
years, higher than the national in-
dicator, which recorded 9 years.
Chart 11 - Offshore oil reserves (in millions of barrels)
3,000
2,750
2,500
2,250
1,000
The useful life of offshore
1,750
oil reserves in Espírito
1,500
Santo is 14 years, below
1,250
the national average
1,000
750
set at 19 years.
500
250
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
The useful life of offshore
natural gas reserves in
Espírito Santo is 13 years,
above the national average
set at 9 years.
Source: ANP | Prepared by: Ideies/Findes
2000 2002 2004 2007 2009 2011 2013 2015 2017 2019 2020
61.7%
was the increase in
onshore oil reserves in
Espírito Santo in 2020
70.1%
was the increase in onshore
natural gas reserves in
Espírito Santo in 2020
Source: ANP | Prepared by: Ideies/Findes
L
2.4.2. Onshore reserves in Espírito Santo
Regarding the onshore scenario, in
2020, oil reserves in Espírito San-
to increased by 61.7% compared
to the previous year, reaching 79.7
million barrels of oil (chart 13). With
this increase, the state reaches
the highest level of onshore oil re-
serves in 10 years and maintains its
position as the fourth state with the
largest onshore reserves among
all Brazilian states, behind Sergipe
(172.8 million barrels), Rio Grande
do Norte (176.8 million barrels) and
Bahia (204.0 million barrels).
Onshore natural gas reserves in-
creased by 70.1% in 2020 compared
to the previous year and reached a
reserve of 386.0 million m³ (Chart
14), raking Espírito Santo in sixth
place among the states with the
largest reserves of the resource.
The states of Amazonas (47.7 mil-
lion m³), Maranhão (29.1 million
m³), Bahia (8.9 million m³), Alagoas
(2.6 million m³) and Rio Grande do
Norte (1,9 million m³), respectively,
are among the largest onshore nat-
ural gas reserves.
The indicator that calculates the
useful life of reserves that will sus-
tain production over time showed
that, currently, Espírito Santo has a
useful life of onshore oil reserves
of 24 years, above the Brazilian
average indicator that recorded 20
years. Furthermore, the indicator
for natural gas showed that Espíri-
to Santo reserves have a useful life
of 14 years, higher than the aver-
age national indicator, which re-
corded 12 years.
The useful life of onshore
oil reserves in Espírito
Santo is 24 years, above
the national average
of 20 years
The useful life of onshore
natural gas reserves in
Espírito Santo is 14 years,
above the national average
of 12 years
7. The indicator is calculated through the ratio be-
tween the reserve and the production of oil and
natural gas. The higher the indicator, the longer the
time available for producing these input.
8. The indicator is calculated through the ratio
between the reserve and the production of oil and
natural gas. The higher the indicator, the longer the
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