Deepwater startup adds new production from Chevron's growth queue
Chevron Corporation (NYSE: CVX) has confirmed 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.
