Rafael Leone
Corporate Reservoir Manager
Petrobas
Rafael is the Corporate Reservoir Manager responsible for coordinating Petrobras' strategic program to enhance the replacement of oil and gas reserves in the coming years. He is based in Rio de Janeiro, Brazil, has a degree in Industrial Engineering and 20 years of experience in the oil and gas industry. His work experience includes contract negotiations in the international new ventures department of Petrobras, pre-salt mega projects, upstream portfolio management, scenarios and long term corporate strategy.
Participates in
TECHNICAL PROGRAMME | Primary Energy Supply
Opportunities for Oil & Gas Supply Growth - Shales, Oil Sands, New Basins Other Unconventionals
Forum 02 | Technical Programme Hall 1
28
April
10:00
11:30
UTC+3
Despite the global push toward renewable energy, fossil fuels are expected to maintain a significant share in the global energy mix over the coming decades. In this context, maximizing production from existing fields remains crucial. To address this challenge, Petrobras has implemented, since 2020, a strategic program aimed at increasing the recovery factor and accelerating reserve replacement in its key upstream assets.
Oil and gas recovery factors typically improve over time as reservoir knowledge deepens and new technologies or reservoir management practices are implemented. However, it is essential to define the limits of what can be technically and economically achieved. To address this, Petrobras developed a methodology to establish a reference recovery factor at the time of field abandonment. This benchmark is based on: (i) the correlation between current recovery factors and reservoir transmissibility, using global analogs; and (ii) a probabilistic approach that sets an ambition aligned with the performance of top-tier reservoirs worldwide.
With the reference benchmark in place, the program moved to define clear reserve replacement targets for each asset, aiming for achievement by 2030. To guide the execution, each asset develops a master plan detailing short, medium and long-term strategies. These plans identify the required investment projects, technologies, and reservoir management activities needed to reach the set targets, including the maturation of less-developed opportunities.
Once the master plan is in place, each opportunity is further assessed and developed to reach the technical and economic maturity required to progress through the company’s project approval process. Projects that are successfully approved then move into execution, directly contributing to reserve growth.
The impact of this initiative is already evident: since the program’s launch, Petrobras has consistently achieved a reserve replacement ratio above 100%, demonstrating both the effectiveness of the approach and the potential of strategic reservoir management to unlock significant value. This paper will present the methodology, implementation, and outcomes of Petrobras' reserve replacement program, showcasing a scalable model for maximizing the value of mature fields in a transitioning energy landscape.
Oil and gas recovery factors typically improve over time as reservoir knowledge deepens and new technologies or reservoir management practices are implemented. However, it is essential to define the limits of what can be technically and economically achieved. To address this, Petrobras developed a methodology to establish a reference recovery factor at the time of field abandonment. This benchmark is based on: (i) the correlation between current recovery factors and reservoir transmissibility, using global analogs; and (ii) a probabilistic approach that sets an ambition aligned with the performance of top-tier reservoirs worldwide.
With the reference benchmark in place, the program moved to define clear reserve replacement targets for each asset, aiming for achievement by 2030. To guide the execution, each asset develops a master plan detailing short, medium and long-term strategies. These plans identify the required investment projects, technologies, and reservoir management activities needed to reach the set targets, including the maturation of less-developed opportunities.
Once the master plan is in place, each opportunity is further assessed and developed to reach the technical and economic maturity required to progress through the company’s project approval process. Projects that are successfully approved then move into execution, directly contributing to reserve growth.
The impact of this initiative is already evident: since the program’s launch, Petrobras has consistently achieved a reserve replacement ratio above 100%, demonstrating both the effectiveness of the approach and the potential of strategic reservoir management to unlock significant value. This paper will present the methodology, implementation, and outcomes of Petrobras' reserve replacement program, showcasing a scalable model for maximizing the value of mature fields in a transitioning energy landscape.
