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Chevron Requests Authorization to Temporarily Suspend Operations at Frade Field

Decision made by partners to study future reservoir management plans as a precautionary measure

SAN RAMON, Calif., March 15, 2012 – Chevron Corporation (NYSE: CVX) announced today that its subsidiary Chevron Brasil Upstream Frade Ltda. has requested authorization for a temporary suspension of field production operations at the Frade Field in the Campos Basin in Brazil.

The decision to request the temporary shut-in of production is a precautionary measure based on very recent information.  Chevron has identified a small new seep in the field and subsidence in the area. The company will conduct a comprehensive technical study and prepare a complementary study to better understand the geological features of the area, working with our partners and seeking necessary approvals from National Petroleum Agency (ANP).

The decision was endorsed by Chevron's partners. The company has filed its request before the appropriate regulatory agencies and anticipates a response in a short timeframe.

Frade field currently produces a total of approximately 60,000 barrels per day (approximately 30,000 barrels net). Following an order from ANP in December, Chevron suspended water reinjection in four wells in the field. 

Chevron has a 51.74 percent operating interest in the Frade Field. Other partners in the project are Petróleo Brasileiro S.A. – Petrobras, 30 percent; and Frade Japão Petróleo Ltda., a joint-venture company of INPEX, Sojitz and JOGMEC, 18.26 percent.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif.

 

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