Chevron's Agbami Hit 250,000 B/D Peak in August

A spokesman from Chevron confirmed Friday that the oil major's Agbami oil platform offshore Nigeria reached peak production of 250,000 barrels per day in August, or four months ahead of schedule.

Commencing production in July 2008, the Agbami oil and gas field is a $7 billion project containing an estimated 900 million barrels of oil equivalent of recoverable hydrocarbons, the largest deepwater discovery to date in Nigeria. Agbami stretches across 45,000 acres and is located some 70 miles (113 kilometers) offshore the Niger River Delta. Situated on Nigerian blocks OML 127 and 128, Agbami's water depth is 4,500 feet (1,372 meters).

The crude oil found in Agbami is light and sweet, with a 45-degree API gravity and no contaminants.

Through its major capital projects worldwide, Chevron, the second-largest U.S. oil company, is poised to ramp up production faster than its rivals, according to Dow Jones. Moreover, the industry heavyweight has 40 projects for which it is investing $1 billion each, with 15 of these major developments located in Africa and Latin America.

Besides operator Chevron, other partners in Agbami are Petrobras, Nigerian National Petroleum Corp., Famfa Oil Ltd. and StatoilHydro ASA.