Decision made by partners to study future reservoir management plans
as a precautionary measure
SAN RAMON, Calif.--(BUSINESS WIRE)--Mar. 15, 2012--
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.
Source: Chevron Corporation
Chevron Corporation, San Ramon
Kurt Glaubitz, +1-925-790-6928
