Lack of interest from partners in making new investments motivated decision
Chevron has shelved the project for the redevelopment of the Frade field in the Campos Basin. The venture was scheduled for 2019, but was canceled, for now, due to the lack of interest of partners to make new investments.
The plans originally foresaw the construction of six wells in the field, where the consortium formed by Chevron (51.74%), Petrobras (30%) and Frade Japan Petroleum (18.26%) did not drill since 2011, when there was an oil leak that interrupted production.
The permission to carry out ramp-up activities in Frade was issued by the ANP on March 31, 2014.
Chevron even started bids to contract well construction and chartered a PLSV to support redevelopment activities, but service providers received a notification that the bids were canceled.
In addition to the Frade field, whose concession is valid until 2041, Chevron operates in Brazil block CE-M-71, located in the Ceará Basin, and SM-764, in the Santos Basin, which was aquired on the 15th round of the ANP.
In the same auction held in March this year, Chevron also took blocks C-M-791, C-M-821 and C-M-823 in the Campos Basin as a partner.
Brasil Energia contacted Chevron to comment on the matter, but the company only stated by e-mail that “the bidding process for the Frade Redevelopment Project was canceled.”
Source: Brazil Energy