Letter signed for Frade FPSO off Brazil

Peter Howard Wertheim
OGJ Correspondent

RIO DE JANEIRO, June 6 -- A Chevron Corp. unit signed a letter of intent with SBM Offshore of the Netherlands for engineering, procurement, construction, and installation of a floating production, storage, and offloading (FPSO) vessel in Frade oil field in the Campos basin off Brazil.

SBM will convert its Lusan vessel into a unit with capacities of 100,000 b/d of oil production, 106 MMscfd of gas treatment and compression, 150,000 b/d of water injection, and 2 million bbl of storage.

Installation in 1,080 m of water is scheduled for second- quarter 2008, with first production due in 2009.

SBM will sell the FPSO to Chevron. It leases four other FPSOs in Brazil for Marlim Sul, Espadarte, Brasil, and Capixaba fields.

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