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Chevron holds a 37.5 percent interest in the Papa-Terra field, while Petrobras, the project operator, has the remaining 62.5 percent. Located approximately 70 miles (110 kilometers) southeast of Rio de Janeiro at a water depth of approximately 3,900 feet (1,190 meters), Papa-Terra is a heavy oil development within Block BC-20 of the southern Campos basin. Discovered in 2003, the Papa-Terra field development features the FPSO and the first tension leg wellhead platform in Brazil, which is expected to start production in 2014. Papa-Terra has installed capacity to produce 140,000 barrels of crude per day. 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. Chevron Corporation press release |
Chevron Confirms First Oil Production from Papa-Terra Offshore Brazil