Chevron commits to $5.2-billion offshore Brazil development

Offshore staff

SANRAMON, California – Development of the Papa Terra project offshore Brazil will proceed, according to Chevron Corp.

Chevron holds 37.5% interest in the Petrobras-operated Papa Terra project, which they estimate will cost $5.2 billion. The project is estimated to recover 380 MMbbl of heavy oil with first production in 2013.

Papa Terra is 70 mi (110 km) offshore in 3,900 ft (1,190 m) of water in block BC-20 of the Campos basin. As it stands now, the project will have the first tension-leg platform ever offshore Brazil. It will connect to an FPSO. Ultimate capacity is to be 140,000 b/d.

01/27/2010