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Friday, August 1, 2008
Good news for Nigeria oil production totals: Chevron subsidiary Star Deep Water Petroleum Ltd. has begun production from its deepwater Agbami field. The field is the largest deepwater discovery offshore Nigeria and is estimated to hold around 900 million barrels of recoverable reserves.
Oil began flowing from the Agbami on July 29 and once at peak, expected in 2009, the field should hit 250,000 bpd. Oil from the Agbami field, discovered in 1998, is being produced from a floating production, storage and offloading (FPSO) vessel.
"Chevron and our partners have reached an exciting milestone for a major project 10 years in the making. Production from Agbami will now bring new energy supplies to the world market and help provide long term, sustainable returns to our shareholders," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. "Agbami is a world-class project, and I’m particularly proud that Agbami represents the industry’s largest ever support of Nigerian content."
Fred Nelson, Managing Director of Chevron Nigeria/Mid-Africa Strategic Business Unit, added: "We congratulate our partners — the Nigerian National Petroleum Corporation, Famfa Oil Limited, Petrobras and Statoil — for this remarkable achievement. We also thank the Nigerian government and our partners for their strong support, which has led to the delivery of outstanding results."
"We value the contributions made by the project team, contractors and suppliers who have made the start-up a reality. Chevron and its partners have now delivered a major oil project that will help to ensure a new source of global energy supply and also provide new jobs and economic growth to Nigeria. The Agbami project sets a new benchmark for Nigerian local content, including the largest module ever fabricated in Nigeria."
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