Petrobras Sees Slight Increase in March Production

Petrobras' average oil production in Brazil and abroad in March was 1,609,251 barrels/day, with a 7.2% increase over the same month in 2002 and a 1.7% reduction if compared to the historical record volume of 1,636,862 barrels/day produced in February 2003. Such a slight reduction was the consequence of stoppages schedules for the maintenance of the two platforms is the Campos Basin. Including the oil-equivalent natural gas in barrels (BOE) the total volume of hydrocarbons produced by the company (in Brazil and abroad) was roughly 1.9 million barrels/day last month, with an expansion of nearly 4% over the same month in the previous year.

In the five countries where it is engaged, the production corresponding to Petrobras' participation in March was 74,682 barrels of oil and gas-equivalent, with a 3.5% reduction over the previous month, due to the gas extraction drop in Bolivia by virtue of the natural gas demand behavior in Brazil. Considering only the national fields, the oil and gas-equivalent volume, extracted in March 2003, was 1,822,902 barrels/day (BOE) higher than the production in March 2002, which was 1,765,725 barrels of oil-equivalent.