JBIC Signs US$170mn Frade Field Deal
Japan's international development bank JBIC has signed a U$170mn loan agreement with Japan's FJPL oil consortium for the development of the offshore Frade field in Brazil, JBIC said in a statement.
Frade is due to start production in 2009 and reach peak production of 100,000b/d, JBIC said.
The Japanese consortium, made up of Inpex, Sojitz and Jogmec, has a minority 18.26% working interest in the field operated by US oil company Chevron (NYSE: CVX) with 51.74%.
Brazil's federal oil company Petrobras (NYSE: PBR) has a 30% interest in the block.
Frade is in the Campos basin at water depths of 1,000-1,300m. Chevron already has announced development plans with total investments of some US$2.4bn.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Operates 35 Offshore Rigs
Manages 12 Offshore Rigs
- Brazil Regulator Allows Petrobras To Source Libra Rig Hull From Abroad (Oct 04)
- Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role (Sep 29)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Chevron Corporation more info
- Chevron Approves New Tech Investment To Raise Output At North Sea Field (Oct 20)
- Canada's Keyera Signs Pact With Chevron To Transport, Store NGL (Oct 10)
- Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
Company: Inpex more info
Operates 1 Offshore Rigs
- Statement: Indonesia To Extend Inpex's Masela LNG Contract By 27 Years (Oct 19)
- Ichthys LNG Subsea Contract Goes to Wood Group (Sep 06)
- Australia's $180B LNG Megaproject Boom Enters Final Stretch (Aug 14)
Company: Sojitz Corporation more info
- VAALCO Agrees to Acquire Sojitz's Stake in Etame Marin Permit Off Gabon (Aug 02)
- IPR Scores Another Alam El Bueib Discovery in Egypt's Western Desert (Sep 02)
- VAALCO Buys More Time for Etame Permit Off Gabon (Dec 01)