Chevron Sanctions The Lianzi Project Offshore Angola And The Republic Of Congo

Chevron Corporation (NYSE: CVX) announced that its subsidiary will proceed with the development of the Lianzi field located in a unitized offshore zone between the Republic of Congo and the Republic of Angola.

Located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water, the Lianzi field will be developed via a tieback to the existing Benguela Belize Lobito Tomboco (BBLT) platform located in Angola Block 14.

“Lianzi is Chevron’s first operated asset in the Republic of Congo and builds on Chevron’s strong position in West Africa, one of the world’s key hydrocarbon basins,” said George Kirkland, vice chairman, Chevron Corporation.

“As the first cross-border development in the region, Lianzi represents a unique cooperative approach to shared offshore resources and may serve as a model for the development of similar cross-border fields between the two countries,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The $2.0 billion development will include a subsea production system and a 27 mile (43 km) electrically heated flowline - the first of its kind at this water depth - to transport the oil from the field to the BBLT platform. First oil is expected in 2015. Once completed, the project is expected to produce a maximum of 46,000 barrels of oil equivalent per day.

Chevron Overseas Congo Limited is operator of the Lianzi field and has a 31.25 percent interest, along with Total (36.75 percent), ENI (10 percent), Sonangol (10 percent), SNPC (the Republic of Congo National Oil Company – 7.5 percent), and GALP (4.5 percent).

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Some of the items discussed in this press release are forward-looking statements about Chevron's activities. Words such as "anticipates," "expects," "intends," "plans," "targets," “forecasts,” "projects," "believes," "seeks," "schedules," "estimates," "budgets," “outlook” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; continued development of the field; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "resources," "oil in place," "recoverable resources," "oil-equivalent resources," "potentially recoverable volumes" and "recoverable oil," among others, may be used in this press release or other public disclosures that are not permitted to be used in filings with the SEC.

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