Chevron has first oil from Frade off Brazil

Chevron Corp. subsidiary Chevron Brasil Upstream Frade Ltda. has begun crude oil production from the Frade field, the company's first operated deepwater development in Brazil.

Offshore staff

SAN RAMON, California --Chevron Corp. subsidiary Chevron Brasil Upstream Frade Ltda. has begun 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 b/d of crude oil and natural gas liquids in 2011. The field is in the Campos basin in approximately 3,700 ft (1,128 m) of water, approximately 230 mi (370 km) northeast of Rio de Janeiro.

Frade is a subsea development with wells tied back to an FPSO vessel. Crude oil production is planned for export to world markets, and natural gas production is expected to be provided for use in Brazil.

Chevron has a 51.74% operating interest in Frade, which contains an estimated 200-300 MMbbl of recoverable oil. Other partners are national oil company Petrobras (30%) and Frade Japão Petróleo Ltda., a joint-vehicle company of INPEX, Sojitz, and JOGMEC (18.26%).

6/23/2009

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