Chevron (CVX) Begins Production at Company's First Operated Deepwater Development in Brazil
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Chevron Corporation (NYSE: CVX) announced that its subsidiary Chevron Brasil Upstream Frade Ltda. has commenced crude oil production from the Frade Field, the company's first operated deepwater development in Brazil.
The estimated $3 billion project, with continuing development drilling, is expected to achieve peak production of 90,000 barrels of crude oil and natural gas liquids per day in 2011.
Chevron has a 51.74% operating interest in the Frade Field, which contains an estimated 200 million to 300 million barrels of recoverable oil. The field is situated in the Campos Basin in approximately 3,700 feet (1,128 m) of water, approximately 230 miles (370 km) northeast of Rio de Janeiro. Frade is a subsea development with wells tied back to a floating production, storage and offloading vessel. Crude oil production is planned to be exported to world markets, and natural gas production is expected to be provided for domestic use in Brazil.
Other partners in the project are Petroleo Brasileiro S.A. - Petrobras (NYSE: PBR), 30%; and Frade Japao Petroleo Ltda., a joint-vehicle company of INPEX, Sojitz and JOGMEC, 18.26%. [SM]
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