Chevron & Partners Commit to Frade Field Development

Chevron Corporation, through its affiliate Chevron Frade Limited Liability Company, along with partners Petrobras and Frade Japao Petroleo Limitada (FJPL), a joint vehicle company of INPEX, Sojitz and JOGMEC, have committed to develop the Frade oil field offshore Brazil.

The Frade Field is Chevron's first oil field development project in Brazil. It is expected to begin production in late 2008 or early 2009, with production capacity of approximately 100,000 barrels of crude oil per day and estimated peak annual production of 85,000 oil-equivalent barrels per day. The Frade Field contains an estimated 200 million to 300 million barrels of recoverable oil and is located in the Campos Basin in a water depth of 3,500 feet, approximately 75 miles offshore the state of Rio de Janeiro.

"This commitment marks the first major upstream development for Chevron in Brazil and is aligned not only with Chevron's upstream growth strategies for the region but will bring significant new crude oil supplies to the world market," said John Watson, president, Chevron International Exploration and Production.

Chevron, as operator, together with partners Petrobras and FJPL recently signed contracts for construction and installation of the major facilities components for development of the Frade Field. The entire project represents an estimated financial commitment of approximately US$2.4 billion.

Ali Moshiri, president, Chevron Latin American Upstream, said, "The Frade Project will establish the foundation for growing Chevron's upstream business in Brazil. Our teams will now focus on the safe and timely execution of the project."

The development concept consists of horizontal production wells along with vertical water injection wells to maintain reservoir pressure. The wells will be individually tied back to a floating production storage and offloading (FPSO) vessel. Crude oil export will be by tanker, while natural gas will be transported through the local natural gas pipeline infrastructure.

Chevron, through its affiliate Chevron Brasil Limitada, is the operator of the Frade Field and holds a 51.74 percent working interest. Other partners in the project include Petroleo Brasileiro S.A. - Petrobras, 30 percent; and Frade Japao Petroleo Limitada, 18.26 percent.

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