Bradesco Auto/RE, an insurance division of Brazilian private sector bank Bradesco (NYSE: BBD), did not reveal how much Chevron would pay in annual premiums. The maximum claim amount is US$950 million, and an adjacent civil liability policy has a maximum claim amount of US$50 million, local press reported.
Frade is in the Campos basin at water depths of 900-1,200m and 121km from the Rio de Janeiro coast. Chevron's Brazilian unit is operator with a 51.74% stake, while federal energy company Petrobras (NYSE: PBR) holds 30% and Japanese consortium FJPL has 18.26%.
Production is scheduled to begin in early 2009 after total investment of US$2.40 billion.
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