Petrobras (PBR)

Crude Oil and NGL

Natural decline in production from mature fields was offset by increased production from platforms P-52 and P-54 in the Roncador field, and the start-up of platforms P-53 in the Marlim Leste field in the fourth quarter of 2008, and P-51 in the Marlim Sul field and FPSO Cidade de Niterói in the Marlim Leste field in the first half of 2009.

International consolidated crude oil and NGL production increased due to the start-up of production in Nigeria in July 2008. This upturn was partially offset by the reduction of output in Ecuador due to the sale of a part of our interest in Block 18.

Crude Oil and NGL

Natural decline in production from mature fields was offset by increased production from platforms P-52 and P-54 in the Roncador field, and the start-up of platforms P-53 in the Marlim Leste field in the fourth quarter of 2008, and P-51 in the Marlim Sul field in the first quarter of 2009.

International consolidated crude oil production increased due to the start-up of production from the Agbami field in Nigeria in July 2008. This upturn was partially offset by the reduction of output in Ecuador due to the sale of a part of our interest in Block 18 and to the effects of hurricane damage in the United States from September 2008.

Crude Oil and NGL

In 2008, the natural decline in production from mature fields was offset by increased production from FPSO-Cidade do Rio de Janeiro in the Espadarte field and production from FPSO-Cidade de Vitória in the Golfinho field and platforms P-52 and P-54 in the Roncador field, which started to operate in the fourth quarter of 2007.

International consolidated crude oil production decreased in 2008 due to reduced reservoir pressure in the United States and lower output from mature fields in Argentina, Angola and Colombia. This decline was partially offset by the start-up of production in Nigeria in July 29, 2008.

Crude Oil and NGL

Natural decline in production from mature fields was offset by increased production from FPSO-Cidade do Rio de Janeiro in the Espadarte field and production from FPSO-Cidade de Vitória in the Golfinho field and platforms P-52 and P-54 in the Roncador field, which went online in the fourth quarter of 2007.

International consolidated crude oil production decreased due to reduced reservoir pressure in the United States and lower output from mature fields in Argentina, Angola and Colombia. This decline was partially offset by the start-up of production in Nigeria in July, 2008.

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 2.2% to 1,835 thousand barrels per day in the first half of 2008, as compared to 1,795 thousand barrels per day in the first half of 2007. This increase was primarily due to the increase in the production of P-34 (Jubarte) and FPSO-Cidade do Rio de Janeiro (Espadarte), and to the start-up of FPSO-PRM (Piranema), FPSO-Cidade de Vitória (Golfinho) and the P-52 and P-54 platforms (Roncador), which was partially offset by the natural decline in production of the mature fields.

International consolidated crude oil and NGL production by the consolidated companies decreased 7.0% to 106 thousand barrels per day in the first half of 2008, as compared to 114 thousand barrels per day in the first half of 2007. This decrease in the international crude oil production was primarily due to the reduction in reservoir pressure in the United States and the lower output from the mature fields in Argentina and Angola.

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 0.9% to 1,816 thousand barrels per day for the first quarter of 2008, as compared to 1,800 thousand barrels per day for the first quarter of 2007. The operational start-up of the platforms FPSO-Cidade de Rio de Janeiro (Espadarte), FPSO-Piranema (Piranema), Cidade de Vitória (Golfinho), P-52 (Roncador) and P-54 (Roncador) offset the natural decline in production in other areas.

International consolidated crude oil and NGL production decreased 2.7% to 108 thousand barrels per day for the first quarter of 2008, as compared to 111 thousand barrels per day for the first quarter of 2007. This decrease was primarily due to the natural decline in production in certain mature fields in Argentina.

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 0.8% to 1,792 thousand barrels per day for 2007, as compared to 1,778 thousand barrels per day for 2006. This increase was primarily attributable to the ramping up to peak production during 2007 for platforms installed during 2006, P-50 (Albacora Leste), FPSO-Capixaba (Golfinho), P-34 (Jubarte), FPSO-Cidade de Rio de Janeiro (Espadarte), and the installation of platforms during 2007, FPSO-Piranema (Piranema), and Cidade de Vitória (Golfinho), P-52 (Roncador) and P-54 (Roncador), offset by the natural decline in production of existing systems.

International consolidated crude oil and NGL production decreased 13.8% to 112 thousand barrels per day for 2007, as compared to 130 thousand barrels per day for 2006. This decrease was primarily due to the exclusion of Venezuelan operations from our consolidated results since April 2006 and to the natural decline in production in some mature fields in Argentina. These decreases were partially offset by increased production in the U.S. Gulf of Mexico.

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 1.9% to 1,796 thousand barrels per day for the nine-month period ended September 30, 2007, as compared to 1,763 thousand barrels per day for the nine-month period ended September 30, 2006. This increase was primarily attributable to the operational start-up of the platforms P-50 (Albacora Leste), FPSO-Capixaba (Golfinho), P-34 (Jubarte) and FPSO-Cidade de Rio de Janeiro (Espadarte), which jointly added approximately 200 thousand bpd, offset by the natural decline in production of the mature fields.

International consolidated crude oil and NGL production decreased 16.3% to 113 thousand barrels per day for the nine-month period ended September 30, 2007, as compared to 135 thousand barrels per day for the nine-month period ended September 30, 2006. This decrease was primarily due to the exclusion of Venezuelan operations from our consolidated results, as a result of the contractual shift from an operating agreement to a joint venture agreement, in which the Venezuelan government assumed a controlling interest through PDVSA. (See Note 19 of our unaudited consolidated financial statements for the nine-month period ended September 30, 2007).

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 2.3% to 1,795 thousand barrels per day for the first half of 2007, as compared to 1,754 thousand barrels per day for the first half of 2006. This increase was primarily attributable to the operational start-up of the platforms P-50 (Albacora Leste), FPSO-Capixaba (Golfinho), P-34 (Jubarte) and FPSO-Cidade de Rio de Janeiro (Espadarte), which jointly added approximately 200 thousand bpd, offset by the natural decline in production of the mature fields and the occurrence of operational problems.

International consolidated crude oil and NGL production decreased 18.6% to 114 thousand barrels per day for the first half of 2007, as compared to 140 thousand barrels per day for the first half of 2006. This decrease was primarily due to the exclusion of Venezuelan operations from our consolidated results, as a result of the contractual shift from an operating agreement to a joint venture agreement, in which the Venezuelan government assumed a controlling interest through PDVSA. (See Note 16 of our unaudited consolidated financial statements for the six-month period ended June 30, 2007).

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 2.8% to 1,800 thousand barrels per day for the first quarter of 2007, as compared to 1,751 thousand barrels per day for the first quarter of 2006. This increase was primarily attributable to the operational start-up of the platforms P-50 (East Albacora), in April 2006, FPSO-Capixaba (Golfinho), in May 2006, P-34 (Jubarte), in December 2006, and FPSO-Cidade do Rio de Janeiro (Espadarte), in January 2007.

International consolidated crude oil and NGL production decreased 29.7% to 111 thousand barrels per day for the first quarter of 2007, as compared to 158 thousand barrels per day for the first quarter of 2006. This decrease was primarily due to the deconsolidation of Venezuelan operations as a result of the contractual shift from an operating agreement to a joint venture agreement, in which the Venezuelan government assumed a controlling interest through PDVSA. (See Note 16 of our unaudited consolidated financial statements for the three- month period ended March 31, 2007).

Crude Oil and NGL

Domestic crude oil and natural gas liquid (NGL) production increased 5.6% to 1,778 thousand barrels per day for 2006, as compared to 1,684 thousand barrels per day for 2005. The increase stems mainly from the impact of a full year of peak production at the P-43 platform (Barracuda field, first oil in December 2004) and the P-48 platform (Caratinga field, first oil in February 2005), which did not reach full production until June 2005. Additionally, the P-50 platform (Albacora Leste) (first oil in April 2006), and FPSO-Capixaba (Golfinho, first oil in May 2006) added to the average production for 2006.

International consolidated crude oil and NGL production decreased 20.2% to 130 thousand barrels per day for 2006, as compared to 163 thousand barrels per day for 2005. This decrease was mainly due to lower participation in Venezuela’s operations as the existing operational agreements were converted to joint ventures in which the Venezuelan government gained a controlling interest through PDVSA (see Note 9 (c) to our consolidated financial statements for the year ended December 31, 2006).

Crude Oil and NGL

Domestic crude oil and NGL production increased 5.8% to 1,763 thousand barrels per day for the nine-month period ended September 30, 2006, as compared to 1,667 thousand barrels per day for the nine-month period ended September 30, 2005. This increase was primarily due to increased production of oil and gas, primarily at the Barracuda, Caratinga, Albacora Leste and Golfinho fields.

International consolidated crude oil and NGL production decreased 18.2% to 135 thousand barrels per day for the nine-month period ended September 30, 2006, as compared to 165 thousand barrels per day for the nine-month period ended September 30, 2005. This decrease was mainly due to the shift from operating agreements in Venezuela to a mixed company in which the Venezuelan government assumed a majority interest through PDVSA (See Note 16 of our unaudited consolidated financial statements for the nine-month period ended September 30, 2006), as well as the natural decline in production in some mature fields in Angola and the closing of main fields in the U.S. due to production drainage problems after hurricanes Rita and Katrina.

Crude Oil and NGL

Domestic crude oil and NGL production increased 7.1% to 1,754 thousand barrels per day for the first half of 2006, as compared to 1,637 thousand barrels per day for the first half of 2005. This increase was primarily due to increased production of oil and gas, primarily at the Barracuda, Caratinga, Albacora Leste e Golfinho fields.

International crude oil and NGL production decreased 10.3% to 148 thousand barrels per day for the first half of 2006, as compared to 165 thousand barrels per day for the first half of 2005, due to the natural decline in production in some mature fields in Angola and the temporary interruption in production from the main fields in the United States after hurricanes Rita and Katrina and the loss of our controlling interest in fields in Venezuelan operations due to the shift from operating agreements to a mixed company, in which the Venezuelan government assumed a majority interest through the PDVSA. (See Note 16 of our unaudited consolidated financial statements for the six-month period ended June 30, 2006).