Chevron to develop Papa Terra field in Campos basin
January 27, 2010 RIO DE JANEIRO -- US oil major Chevron will proceed with the development of the Papa Terra project as the company's second deepwater development offshore Brazil, the company said in a statement.
Papa Terra is a heavy oil field located within the BC-20 block in the Campos basin, 110 km from the southeastern Rio de Janeiro state coast.
Chevron said the project will feature the first tension leg well platform in Brazil which will be connected to a floating production, storage, and offloading (FPSO) vessel. The facility will be capable of producing up to 140,000 b/d.
"This decision confirms our commitment to developing new opportunities in an important basin and adds to our strong queue of major capital projects," Chevron vice chairman George Kirkland said in the statement.
Brazilian federal energy company Petrobras operates Papa Terra with a 62.5% stake, and Chevron holds the balance. Papa Terra is scheduled to go online in 2013.
Chevron and Petrobras expect Papa Terra development to require a total investment of USD 5.2 billion. The project is estimated to recover 380 Mboe.
© 2010 Business News Americas.
