Deepwater startup adds new production from Chevron’s growth queue
SAN RAMON, Calif.--(BUSINESS WIRE)--Nov. 12, 2013--
Chevron Corporation (NYSE: CVX) confirmed today that its Brazilian
subsidiary and Petrobras have started crude oil production from
Papa-Terra’s floating production, storage and offloading vessel (FPSO)
offshore Brazil.
“The startup of Papa-Terra is another important step toward meeting the
growth target we’ve set for 2017,” said George Kirkland, Chevron’s vice
chairman and executive vice president, Upstream.
“The successful development of Papa-Terra is the result of a robust
partnership between Chevron and Petrobras that integrates the unique
skills and expertise of both companies to deliver challenging projects
and new energy production,” said Ali Moshiri, president of Chevron
Africa and Latin America Exploration and Production Company.
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.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Some of the items discussed in this press release are forward-looking
statements about Chevron’s activities in Brazil. Words such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,”
“outlook” and similar expressions are intended to identify such
forward-looking statements. The statements are based upon management’s
current expectations, estimates and projections; are not guarantees of
future performance; and are subject to certain risks, uncertainties and
other factors, some of which are beyond the company’s control and are
difficult to predict. Among the factors that could cause actual results
to differ materially are changes in prices of, demand for and supply of
crude oil and natural gas; actions of competitors; the inability or
failure of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to achieve
expected net production from existing and future crude oil and natural
gas development projects; potential delays in the development,
construction or start-up of planned projects; the potential disruption
or interruption of production and development activities due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes
in fiscal terms or restrictions on scope of company operations; and
general economic and political conditions. You should not place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. Unless legally required, Chevron undertakes
no obligation to update publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
Source: Chevron Corporation
Chevron Corporation
Kent Robertson, +1-925-790-3819 (San Ramon)
