Chevron May Explore Crude Wells In Brazil's Frade Field
Zacks Investment Research | Dec 15, 2017 02:25AM ET
Chevron Corporation (NYSE:CVX) will likely enter an agreement with Schlumberger Limited (NYSE:SLB) to explore prospective resources located off the coast of Brazil, per Reuters.
Oil field service giant Schlumberger is expected to assist Chevron in the drilling of six wells in the Frade field, situated in the Campos basin. According to the source, the drilling operations will likely commence by early 2019 and will continue for 18 to 24 months.
The drilling activities will help the integrated energy player boost oil production in Brazil. In the country, the 2011 oil spill incident had forced Chevron to cut crude output from 36,400 barrels per day (bpd) to 12,500 bpd. Per the source, following the spill, almost 2,400 barrels of oil was released offshore Rio de Janeiro.
San Ramon, CA-based Chevron, belonging to the Zacks Investment Research
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