Chevron’s Ali Moshiri was quoted by news agency as saying the company wants to target the offshore region. The company has so far been one of the few main players operating in Brazil without a subsalt discovery.
Brazil is the future (for the oil industry). It doesn’t matter if it’s above or below the salt, the potential is big, Moshiri said.
As per Moshiri, the company wants to bring Frade onstream and then start drilling subsalt wells.
Petrobras has been very encouraging in this aspect, Moshiri said. We want to evaluate all the concessions that we hold.
In addition to Frade, the company also has share in fields such as Papa Terra, Maromba, Atlanta and Oliva. Platforms are being ordered for Papa Terra, while the other fields are under evaluation or in expansion phases.
The company would like to use a similar development scheme as Petrobras, connecting subsalt wells to platforms already located at producing fields above the salt layer.
Petrobras, for example, connected Brazil’s first producing subsalt oil well to a platform at the Jubarte field. The subsalt reserve at Jubarte is now pumping 50,000 barrels of crude a day.
Despite the financial crisis and stunning slide in oil prices, Moshiri said Brazil’s economic and political stability made the country attractive.
Brazil is the only country in the hemisphere that has the conditions to maintain and grow investments, Moshiri said.
