Chevron Requests Authorization to Temporarily Suspend Operations at Frade Field
March 15 2012 - 3:39PM
Business Wire
Chevron Corporation (NYSE: CVX) announced today that its
subsidiary Chevron Brasil Upstream Frade Ltda. has requested
authorization for a temporary suspension of field production
operations at the Frade Field in the Campos Basin in Brazil.
The decision to request the temporary shut-in of production is a
precautionary measure based on very recent information. Chevron has
identified a small new seep in the field and subsidence in the
area. The company will conduct a comprehensive technical study and
prepare a complementary study to better understand the geological
features of the area, working with our partners and seeking
necessary approvals from National Petroleum Agency (ANP).
The decision was endorsed by Chevron’s partners. The company has
filed its request before the appropriate regulatory agencies and
anticipates a response in a short timeframe.
Frade field currently produces a total of approximately 60,000
barrels per day (approximately 30,000 barrels net). Following an
order from ANP in December, Chevron suspended water reinjection in
four wells in the field.
Chevron has a 51.74 percent operating interest in the Frade
Field. Other partners in the project are Petróleo Brasileiro S.A. –
Petrobras, 30 percent; and Frade Japão Petróleo Ltda., a
joint-venture company of INPEX, Sojitz and JOGMEC, 18.26
percent.
Chevron is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company’s success is driven by the ingenuity and commitment of its
employees and their application of the most innovative technologies
in the world. Chevron is involved in virtually every facet of the
energy industry. The company explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; manufactures and
sells petrochemical products; generates power and produces
geothermal energy; provides energy efficiency solutions; and
develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about
Chevron is available at www.chevron.com.
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