Scandoil.com

Chevron makes final investment decision on Papa Terra project offshore Brazil


Published Jan 28, 2010
[an error occurred while processing this directive]

Edit page New page Hide edit links

Chevron - Tahiti Field

Chevron Corporation says that its Brazilian subsidiary will proceed with the development of the Papa Terra project as the company's second deepwater development offshore Brazil.

"This decision confirms our commitment to developing new opportunities in an important basin and adds to our strong queue of major capital projects," said George Kirkland, Chevron's vice chairman.

Situated 70 miles (110 kilometers) offshore in water depths of approximately 3,900 feet (1,190 meters), Papa Terra is a heavy oil subsea development located within Block BC-20 of the southern Campos basin. The project will feature the first tension leg well platform in Brazil which will be connected to a floating production, storage, and offloading vessel. The completed facility will be capable of producing up to 140,000 barrels of crude oil per day.

First production from the Papa Terra project is expected in 2013.

"When completed, the Papa Terra project will represent Chevron's largest investment in Brazil to date and is expected to grow the company's production capacity in the country which was established with the 2009 start-up of the Frade project," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

Chevron holds a 37.5 per cent interest in the Petrobras-operated Papa Terra project, which they estimate will cost $5.2 billion. The project is estimated to recover 380 million barrels of oil.

Tags: Chevron Corporation




   

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us

 

sitemap xml


 

Home