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 2025, 2024 and 2023:
| 2025 (1) | 2024 (1) | 2023(1) | |||||||||||||||||||||
| Oil + NGL (mbbl) (5) |
Nat. Gas (mmcf) (2) (6) |
Total (mboe) |
Oil + NGL (mbbl) (5) |
Nat. Gas (mmcf) (2) (6) |
Total (mboe) |
Oil + NGL (mbbl) (5) |
Nat. Gas (mmcf) (2) (6) |
Total (mboe) |
|||||||||||||||
| Brazil | 874,362 | 404,864 | 946,470 | 787,784 | 341,172 | 848,548 | 814,462 | 364,486 | 879,379 | ||||||||||||||
| Búzios field (3) | 243,870 | 71,096 | 256,533 | 207,417 | 48,381 | 216,034 | 200,306 | 31,577 | 205,930 | ||||||||||||||
| Other | 630,492 | 333,768 | 689,938 | 580,367 | 292,791 | 632,515 | 614,156 | 332,909 | 673,449 | ||||||||||||||
| International: | |||||||||||||||||||||||
| South America (outside of Brazil) (7) | 785 | 43,356 | 8,507 | 844 | 48,778 | 9,532 | 889 | 50,710 | 9,921 | ||||||||||||||
| North America | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Total International | 785 | 43,356 | 8,507 | 844 | 48,778 | 9,532 | 889 | 50,710 | 9,921 | ||||||||||||||
| Total consolidated production | 875,147 | 448,220 | 954,978 | 788,628 | 389,950 | 858,080 | 815,351 | 415,196 | 889,300 | ||||||||||||||
| Equity method investees (4): | |||||||||||||||||||||||
| South America (outside of Brazil) | - | - | - | - | - | - | - | - | - | ||||||||||||||
| North America | 2,359 | 886 | 2,517 | 2,584 | 1,107 | 2,781 | 2,528 | 1,169 | 2,736 | ||||||||||||||
| Africa | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Worldwide production | 877,507 | 449,106 | 957,495 | 791,212 | 391,058 | 860,861 | 817,879 | 416,365 | 892,036 | ||||||||||||||
(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) Oil production includes production from EWT and NGL.
(6) Conversion rate for gas is 1 boe = 5,614.65 cf.
(7) Production in Argentina is non-conventional and was formerly reported as Synthetic Oil/Gas. Non-conventional oil production in Argentina is 289 mbbl (2025), 297 mbbl (2024), and 299 mbbl (2023). Gas production in Argentina is 17,20 mmcf (2025), 20,09 mmcf (2024) and 20,39 mmcf (2023)