Chevron Corporation announced last week that its Brazilian subsidiary will proceed with the development of the Papa Terra project as the company's second deepwater development offshore Brazil.
Situated 110 kilometres offshore in water depths of approximately 1,190 metres, Papa Terra is a heavy oil subsea development located within Block BC-20 of the southern Campos basin.
The project will feature the first tension leg well platform in Brazil which will be connected to a floating production, storage, and offloading vessel.
The completed facility will be capable of producing up to 140,000 barrels of crude oil per day.
First production from the Papa Terra project is expected in 2013.
"When completed, the Papa Terra project will represent Chevron's largest investment in Brazil to date," said Ali Moshiri, President of Chevron Africa and Latin America Exploration and Production Company.
Chevron holds a 37.5 per cent interest in the Petrobras-operated Papa Terra project, which they estimate will cost US$5.2 billion. The project is estimated to recover 380 million barrels of oil.
