Chevron's Frade Field Just Start Of Promising Brazil Prospects

U.S. oil major Chevron Corp.(CVX) has kicked off output at its Frade field offshore Brazil, but the company also has stakes in four other promising prospects.

“Offshore Brazil is one of the world’s most promising deepwater oil and gas regions, and our current plans are for multi-billion-dollar investments in Brazil over the next decade,” Chevron spokesman Scott Walker said.

Chevron started production at Frade on Saturday, with daily output expected to reach 30,000 barrels of oil equivalent, or BOE, by the end of 2009 and 90,000 BOE by 2011. The company also has development plans for the Papa-Terra, Maromba, Atlanta and Oliva fields as it ramps up overseas production.
WSJ