Chevron Joins Petrobras in US$ 5 Billion Brazil Off-Shore Project

Petrobras ship Chevron Corporation announced its decision of investing in the development of a project in the Papa Terra field, at the Campos Basin. This is the multinational company’s second offshore development project in Brazil.

The Papa Terra field, located 110 kilometers off the coast at a depth of 1,190 meters, is operated by Petrobras, but Chevron owns a 37.5% stake in it. The project’s total estimated cost is US$ 5.2 billion and the expected return is 380 million barrels of oil.

This will be the first project in Brazil to use a floating cable-tensioned platform, which will be linked to a floating production, processing, storage and offloading platform. The complex will be capable of producing up to 140,000 barrels of crude oil per day. The cost of each platform is US$ 1 billion.

“The decision attests to our commitment to developing new opportunities in an important field, and expands our strong portfolio of large projects,” said George Kirkland, Chevron’s vice president, in a press release issued by the company. Extraction at the Papa Terra field is expected to start in 2013.

“Once completed, the Papa Terra project is going to be Chevron’s largest investment in Brazil to date, and we expect it to increase production capacity in Brazil, where the company established itself in 2009 with the Frade project,” said Ali Moshiri, the president of Chevron Africa and Latin America Exploration and Production.

In addition to the Papa Terra and Frade projects, in the Campos Basin, Chevron also owns stakes of 30% in the Maromba field and 20% in the BS-4 block at the Santos Basin.

Anba

Tags:

Ads

You May Also Like

Brazil’s Lula, in Suriname, Talks About New Economic Geography

Brazilian President Luiz Inácio da Silva arrived yesterday, in Paramaribo, capital of Suriname, where ...

Brazil's Amazon Forest

Brazil Will Save the Amazon, But the Rich Should Pay for It, Says Lula

Brazilian President Luiz Inácio Lula da Silva said Monday, June 4, that rich nations ...

Bolivia-Brazil Oil Talks Have Broken Down

Following a report this week by the Spanish news agency EFE, Petrobras admitted Wednesday, ...

Brazil’s Annoying Upper Hand Game

There seems to be a general attitude in Brazil that a fair deal is ...

Brazil Market Goes Flat While Waiting US Rate Hike

Brazilian equities finished slightly higher, with buying limited ahead of an expected U.S. interest ...

All for a New Breast

In popular clinics the wait for a new you can be long. At Santé ...

Minister Word to Brazilian Landless: Our Settlement Figures Are Indisputable

In a note issued Thursday, December 22, the Brazilian Landless Rural Workers’ Movement (MST) ...

TAM’s New Direct Rio-New York Flight Arrives 6 am at JFK

Brazilian airline TAM has started operating direct flights between Rio de Janeiro and New ...

Lula in a rally in Brazil

Brazil Lula’s Ides of March

The ashes were still being washed from the streets that staged the Rio de ...