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.

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