Petrobras (PBR)

Crude Oil and NGLs

Domestic crude oil and NGL production increased 12.1% to 1,667 thousand barrels per day for the nine-month period ended September 30, 2005, as compared to 1,487 thousand barrels per day for the nine-month period ended September 30, 2004. This increase was primarily due to: (1) the production start-up of FPSO-MLS (Marlim Sul) in June 2004; and (2) the increased operations at platforms P-43 (Barracuda) and P-48 (Caratinga) which anchoring and initial test production were in December 2004 and February 2005, respectively.

International crude oil and NGL production decreased 1.8% to 165 thousand barrels per day for the nine-month period ended September 30, 2005, as compared to 168 thousand barrels per day for the nine-month period ended September 30, 2004, due to the natural decline in some mature fields in Angola and Argentina and due to the closure of fields during the passage of Hurricanes Rita and Katrina in the United States.

Crude Oil and NGLs

Domestic crude oil and NGL production increased 11.5% to 1,637 thousand barrels per day for the first half of 2005, as compared to 1,468 thousand barrels per day for the first half of 2004. This increase was primarily due to: (1) the production start-up of FPSO-MLS (Marlim Sul) in June 2004; and (2) the increased operations at platforms P-43 (Barracuda) and P-48 (Caratinga) which anchoring and initial test production were in December 2004 and February 2005, respectively. These projects allowed us to achieve a record daily oil production in Brazil of 1,834 thousand barrels on June 23, 2005.

International crude oil and NGL production decreased 2.4% to 165 thousand barrels per day for the first half of 2005, as compared to 169 thousand barrels per day for the first half of 2004, due to interventions in some wells in Argentina and Venezuela.

Crude Oil and NGLs

Domestic crude oil and NGL production increased 4.6% to 1,543 thousand barrels per day for the first quarter of 2005, as compared to 1,475 thousand barrels per day for the first quarter of 2004. This increase was primarily due to: (1) the production start-up of FPSO-MLS (Marlim Sul) in June 2004; and (2) the anchoring and initial test production of platforms P-43 (Barracuda) and P-48 (Caratinga) in December 2004 and February 2005, respectively. These projects allowed us to achieve a record daily oil production in Brazil of 1,651 thousand barrels on March 30, 2005. In April 2005, we reached a new average oil production record of 1,704 thousand barrels per day.

International crude oil and NGL production decreased 2.4% to 164 thousand barrels per day for the first quarter of 2005, as compared to 168 thousand barrels per day for the first quarter of 2004, principally due to the decline in production in some mature fields at the facilities Argentina.

Crude Oil and NGLs

Domestic crude oil and NGL production decreased 3.1% to 1,493 thousand barrels per day for 2004, as compared to 1,540 thousand barrels per day for 2003. This decrease was primarily due to: (1) an interruption in production of DP-Seillean in the Jubarte field due to scheduled inspections; (2) the termination of production of FPSO Brasil; (3) the closing of wells located in the Marlim Sul fields; (4) a temporary shut-down of the P-40 production platform - (Marlim Sul) due to elevated production of water and limited oil processing at the platform; (5) a shut-down of some Albacora wells for maintenance on turbo-compressors; (6) a scheduled stoppage of the Linguado, Pampo and Enchova platforms, (7) limited initial production in the Marlim field due mainly to high levels of water and associated gas production; and (8) a delay in the delivery of platforms P-43, P- 48 and P-50 to fields at Barracuda, Caratinga and Albacora Leste, respectively.

International crude oil and NGL production increased 4.3% to 168 thousand barrels per day for 2004, as compared to 161 thousand barrels per day for 2003, principally due to the consolidation of Petrobras Energia Participaciones S.A. (PEPSA) and Petrolera Entre Lomas S.A. (PELSA) as of May 2003.