Chevron in Wait-and-See Mode on Gas Projects

US oil major Chevron (NYSE: CVX) is interested in gas projects in Brazil but will adopt a wait-and-see approach and continue focusing on oil, company Brazil president Timothy Miller told BNamericas.

"There certainly are good gas opportunities in Brazil, but when it comes to infrastructure, it all belongs to [federal energy company] Petrobras," he said at the Latin Upstream Conference in Rio de Janeiro. "The business model for gas is still not clear in the country. Therefore our focus right now in Brazil is oil."

Brazil will lead Chevron's growth in Latin America, said Miller.

Chevron's growth in Brazil will gain steam in 2008-10 period, considering the Campos basin's Frade field is due to start production in 2009.

Chevron also holds minority stakes in Campos' Papa-Terra, Maromba, Atlanta and Oliva fields.


Meanwhile, Chevron is keen to see which fields will be offered in the 9th hydrocarbons licensing round in Brazil.

"We hope to participate, but it all depends on which areas will be offered," he said.


In addition, Chevron may export its expertise in ethanol distribution from Brazil to other countries where it operates.

"Chevron has 2,200 service stations in Brazil with ethanol. The company can take this Brazilian experience elsewhere because we are a global company that is continuously exchanging information," said Miller.

Chevron operates gasoline stations in Brazil under the Texaco brand.

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