Chevron Voluntarily Suspends Current and Future Drilling Operations Offshore Brazil
Suspension has no impact on current production in the Frade field
Current sheen volume reduced to less than one barrel
Chevron Corporation (NYSE: CVX) today reports that while its subsidiary,
Chevron Brasil Upstream Frade Ltda., has not received formal notice from
Brazil′s National Petroleum Agency (ANP) suspending its drilling
license, the company has voluntarily suspended its current and future
drilling operations, offshore Brazil. The voluntary suspension includes
the company′s permitted pre-salt wells in the Frade field with the
exception of current plug and abandonment activities. The suspension is
indefinite. Chevron acknowledges, however, that ANP has posted a notice
of suspension to its website.
Chevron′s decision to suspend its drilling operations has no impact on
its current production in the Frade field or on other Frade field
operations. Production from the Frade field is approximately 79,000
barrels of oil equivalent per day (approximately 36,000 barrels net).
Chevron had previously suspended development drilling in the Frade field
on November 9 after it became aware of oil migrating from seep lines in
the ocean floor.
Chevron also reports that the volume of oil currently contained in the
sheen on the ocean′s surface has been further reduced to about one
barrel through cleaning and dispersion methods approved by Brazilian
authorities. Chevron was successful in stopping the primary source of
the oil sheen ten days ago.
The company reiterated that it adheres to all the rules and regulation
of the Government of Brazil and its agencies.
Updated video footage of the seeps on the ocean floor and current photos
of the sheen on the ocean′s surface are available on Chevron′s Media
Updates page.
Chevron is one of the world′s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Chevron Corporation
Sean Comey, 650-575-5655 (U.S.)
Scott
Walker, 281-221-5765 (Brazil)
