Chevron, which is in prolonged silence in Brazil, got good news from the ANP: the extension of the concession contract for the Frade field in the Campos Basin until 2041, while the previous agreement went only until 2025.

The US company operates the area, with a 52% stake, and had a major setback in November 2011, when the field had a leak of about 3.6 thousand barrels, generating a production shutdown until April 2013, when ANP authorized the resumption of operations.

Now the company has introduced a new development plan for the area, where production last October reached 21,414 barrels of oil per day, well below the 100,000 bpd capacity of the FPSO installed at the site, in which it undertakes to carry out drilling six new wells in Phase 2, and studying a Phase 3, aiming at maximizing the reservoir recovery factor.

According to the ANP, which approved the extension at a board meeting this month, the objective of the extension of this agreement is to provide new investments in mature fields, in line with what is determined by a resolution of the National Council for Energy Policy (CNPE) published in March of this year, authorizing the agency to extend the contracts signed in Round Zero, held in 1998.

In addition to Chevron, participants of the Frade field are Petrobras, with 30%, and the Frade Japan consortium, formed by Japan’s Sojitz Corp and Inpex Corp with 18%.

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