Petrobras (PBR) Announces Increase in Estimated Proven Reserves

The share price of Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) surged by 12.71% between January 22 and January 29, 2026, putting it among the Energy Stocks that Gained the Most This Week.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the largest oil and gas producers in the world. The Brazilian company is mainly dedicated to exploration and production, refining, energy generation, and marketing.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) surged to a 52-week high following a couple of positive developments this week. On January 29, the Brazilian state-run oil firm announced that its estimated proven oil, condensate, and natural gas reserves rose to 12.1 billion boe (84% oil) in 2025, up from 11.4 billion boe in the previous year. The surge occurred mainly due to the outstanding performance of the company’s assets, with emphasis on the Búzios, Tupi, Itapu, and Mero fields in the Santos Basin.

In other positive news, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) revealed on January 28 that it has expanded and renewed its oil sales contracts with several Indian state-owned oil refiners, which will now remain in effect until March 2027. The contracts represent sales of up to 60 million barrels, with a total value that may exceed $3.1 billion.

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