Chevron in Big Offshore Investment

By Mark Beresford, Contributing Reporter

RIO DE JANEIRO - US oil giant Chevron said January 27th that it is committed to the development of a US$5.2 billion offshore project in the southern Campos basin, its largest investment to date in Brazil.

Chevron holds a 37.5 percent interest in the Petrobras-operated Papa Terra field, which has estimated reserves of 380 million barrels of oil.

There had been uncertainty over Chevron’s commitment to the Papa Terra project . . .

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