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Texaco fuel cards news: Chevron joint venture awarded Brazil oil rig contract

05 February, 10
Motorists with Texaco fuel cards have learned that a joint-venture project involving its parent company has won a new contract to build and operate a Brazilian oil rig.

Keppel, which is partly controlled by Chevron, is the largest oil rig builder in the world. It revealed that it has been awarded the $1 billion (£639 million) contract from state-owned Brazilian energy giant Petrobras.

"Brazil's offshore sector is embarking on a very exciting phase with many of Petrobras' new projects put on fast-track," Chow Yew Yuen, president of Keppel Offshore & Marine USA told Reuters.

Once it is operational, the oil rig will run alongside a floating storage vessel capable of handling up to 180,000 barrels of oil per day.

This news comes after Chevron revealed that its profits fell in the fourth quarter of 2009.

It generated profits of $3.07 billion over the three-month period, down from $4.9 billion in the corresponding period of 2008.

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Posted by Sean WebbADNFCR-2675-ID-19601128-ADNFCR
Texaco fuel cards news: Chevron joint venture awarded Brazil oil rig contract



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