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SAN RAMON, Calif., Jan. 28 (UPI) -- U.S. supermajor Chevron Corp. announced its Brazilian subsidiary moved to develop its Papa Terra project in the deep waters of the Campos basin.
Deposits of heavy oil at the Papa Terra project are located 70 miles off the coast of Brazil in the southern Campos basin.
The platform associated with Papa Terra, Chevron's first tension rig in Brazil, has the capacity to produce as much as 140,000 barrels of crude oil per day.
"This decision confirms our commitment to developing new opportunities in an important basin and adds to our strong queue of major capital projects," said George Kirkland, Chevron's vice chairman.
Kirkland added Papa Terra represents the largest single investment for the supermajor in Brazil to date.
Chevron holds a minority interest in the project with Petrobras, the Papa Terra operator. Investments for the project are estimated at $5.4 billion.
Papa Terra is expected to recover 380 million barrels of oil. Operation is expected in 2013.
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