EX-15.3 10 ex15-3.htm EX-15.3

Exhibit 15.3

HYDROCARBON PRODUCTION BY GEOGRAPHIC AREA

The following table sets forth our production of crude oil, natural gas, synthetic oil and synthetic gas by geographic area in 2024, 2023 and 2022:

   
  2024 (1) 2023(1) 2022 (1)
  Oil + NGL
(mbbl) (6)		   Synth. Oil
+
NGL (mbbl)
(5)(7)		   Nat. Gas
(mmcf) (2)		   Synth.
Gas (mmcf)
(2)(5)		   Total
(mboe)		   Oil + NGL
(mbbl) (6)		   Synth. Oil
+
NGL (mbbl)
(5)(7)		   Nat. Gas
(mmcf) (2)		   Synth.
Gas (mmcf)
(2)(5)		   Total
(mboe)		   Oil + NGL
(mbbl) (6)		   Synth. Oil
+
NGL (mbbl)
(5)(7)		   Nat. Gas
(mmcf) (2)		   Synth.
Gas (mmcf)
(2)(5)		   Total
(mboe)
Brazil 787,784   -   341,172   -   848,548   814,462   -   364,486   -   879,379   781,253   753   373,017   306   848,497
                                                           
                                                           
Búzios field (3)(9) 207,417   -   48,381   -   216,034   200,306   -   31,577   -   205,930   189,419   -   23,192   -   193,549
Other 580,367   -   292,791   -   632,515    614,156   -    332,909   -    673,449    591,834   753   349,825   306    654,948
International:     -       -           -       -           -       -    
South America (outside of Brazil) (8) 844   -   48,778   -   9,532   889   -   50,710   -   9,921   994   -   54,721   -   10,740
North America -   -   -   -   -   -   -   -   -   -   -   -   -   -   -
Total International 844   -   48,778   -   9,532   889       50,710       9,921   994       54,721       10,740
                                                           
Total consolidated production 788,628   -   389,950   -   858,080   815,351   -   415,196   -   889,300   782,247   753   427,738   306   859,237
              -                                            
Equity method investees (4):                                                          
South America (outside of Brazil) -   -   -   -   -   -   -   -   -   -   -   -   -   -   -
North America 2,584   -   1,107   -   2,781   2,528   -   1,169   -   2,736   3,043   -   1,321   -   3,279
Africa -   -   -   -   -   -   -   -   -   -   -   -   -   -   -
                                                           
Worldwide production 791,212   -   391,058   -   860,861   817,879   -   416,365   -   892,036   785,290   753   429,059   306   862,515
                                                           
(1)Apparent differences in the sum of the numbers are due to rounding.
(2)Natural gas production figures are the production volumes of natural gas available for sale, excluding flared and reinjected gas and gas consumed in operations.
(3)The Búzios field is separately included as it contains more than 15 % of our total proved reserves.
(4)Equity-accounted investees.
(5)We produced synthetic oil and synthetic gas from oil shale deposits in São Mateus do Sul, in the Paraná Basin of Brazil.
(6)Oil production includes production from EWT and NGL.
(7)Conversion rate for gas is 1 boe = 5,614.65 cf.
(8)Production in Argentina is non-conventional and was formerly reported as Synthetic Oil/Gas. Non-conventional oil production in Argentina is 297 mbbl (2024), 299 mbbl (2023), and 270 mbbl (2022). Gas production in Argentina is 20,090 mmcf (2024), 20,390 mmcf (2023) and 19,585 mmcf (2022).