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Chevron sees U.S. oil production growth

July 12, 2012 at 10:35 AM   |   Comments

SAN RAMON, Calif., July 12 (UPI) -- U.S. supermajor Chevron Corp. said international oil production was down substantially while U.S. production increased by 14,000 bpd.

Chevron Corp. said in its interim update second-quarter earnings were expected to show gains from earlier in the year.

It reported its international oil equivalent production during the first two months of the second quarter fell by 30,000 barrels per day. The company attributed part of that decline from the shut-in of oil production at the Frade field in Brazil.

More than 2,500 barrels of oil spilled at the Frade field operated by Chevron off the coast of Brazil in November. The company reported a similar incident near the area in March.

Brazilian Prosecutor Eduardo Santos de Oliveira filed an $11 billion lawsuit against Chevron and Transocean for the March incident.

Meanwhile, the company said net oil-equivalent production in the United States increased by 14,000 bpd, largely because of increased production in the Gulf of Mexico.

Chevron in May announced its drillship, Pacific Santa Ana, has arrived in the Gulf of Mexico for work under a five-year contract with a subsidiary of Pacific Drilling.

Full quarterly results from the supermajor are expected July 27.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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