Chevron pegs growth to oil production offshore Brazil SAN RAMON, Calif., Nov. 13 (UPI) -- Chevron Vice Chairman George Kirkland said starting oil production from an offshore Brazilian platform helps spur his company's growth objectives. "The start up of Papa-Terra is another important step toward meeting the growth target we've set for 2017," he said in a statement Tuesday. Papa-Terra is a field located offshore Brazil in the southern portion of the Campos basin. Operations are completed from a floating production, storage and offloading vessel. An estimated 50 billion barrels of oil lies off Brazil's coast, a volume that's expected to put the Latin American country on par with some of the world's top oil producers. Chevron said full production is expected by 2014. Papa-Terra has the capacity to produce 140,000 barrels of oil per day. Chevron is working offshore Brazil alongside Brazilian energy company Petroleo Brasileiro, known also as Petrobras, which said oil output from its operations in Brazil was 1.8 million bpd in July, approximately 4.6 percent lower than the previous month. It attributed the decline to field maintenance in the Campos basin. Papa-Terra is 70 miles offshore in 3,900 feet of water.