Chevron Corp.'s (CVX) Agbami oil platform in Nigeria reached peak production of 250,000 barrels a day in August, four months ahead of schedule, a spokesman for the San Ramon, Calif., oil giant said Friday.

The offshore oil and gas field began producing in July 2008, and is run by Chevron, the second-largest U.S. oil company by market capitalization. Other partners include Petroleo Brasileiro SA (PBR), Nigerian National Petroleum Corp., Famfa Oil Ltd. and StatoilHydro ASA (STL.OS).

The $7 billion project, which contains an estimated 900 million barrels of oil equivalent of recoverable hydrocarbons, is part of Chevron's ambitious bid to ramp up production through major capital projects. The company has 40 projects where it is investing more than $1 billion each; 15 of those major capital projects are in Africa and Latin America.

Chevron, which for years struggled to increase its oil and gas output and to replace reserves, is now poised to raise production faster than rivals.

-By Angel Gonzalez, Dow Jones Newswires; 713-547-9214; angel.gonzalez@dowjones.com