Chevron Corporation (NYSE:CVX) announced today that its subsidiary Chevron Brasil Upstream Frade Ltda. has commenced crude oil production from the Frade Field, the company’s first operated deepwater development in Brazil. The estimated $3 billion project, with continuing development drilling, is expected to achieve peak production of 90,000 barrels of crude oil and natural gas liquids per day in 2011.
“Successful development of the Frade Field unlocks a great new source of energy for the next two decades while establishing a significant platform from which Chevron can grow its upstream business within one of the world’s most promising deepwater oil and gas regions,” said George Kirkland, Chevron’s executive vice president for Upstream and Gas.