Chevron to begin Brazil's Frade oil production in 2009

Nov 04, 2008 01:00 AM

US-based Chevron expects to begin production at its Frade field in Brazil's Campos basin next year, said George Kirkland, executive vice president for upstream and gas.
"First oil is expected during the second quarter of 2009," Kirkland said during the company's third quarter earnings 2008 conference call.

Construction of the floating production, storage and offloading vessel, which is scheduled to operate in the offshore field, is 85 % complete and the vessel is due to set sail from Dubai in late December, Kirkland said.
The company estimates that production from Frade could reach 85,000 bpd in 2011. Chevron does not yet produce at any of its exploration projects in Brazil.

In August, environmental regulator Ibama granted Chevron the operational license for Frade.
Chevron is Frade's operator with a 51.7 % stake. Federal energy company Petrobras holds a 30 % interest and independent oil group Frade Japao owns the remaining 18.3 %.

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