Chevron (NYSE:CVX) Increasing Production at Frade in Brazil

Chevron (NYSE:CVX) announced it is increasing production at its Frade field off the coast of Brazil.

The oil giant will increase production to about 65,000 barrels a day at Frade, which is about 45 percent complete, with approximately another year and a half left to drill the area.

Estimates for the oil field, are recoverable reserves of up to 300 million barrels, although it could be as low as 200 million barrels.

Peak production by Chevron should eventually reach close to 90,000 barrels a day at the project.

Chevron has began production at Frade in the middle of 2009.