Chevron Acquires New Offshore China Acreage

Wed Jan 16, 2013 8:00am EST

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Agreements with CNOOC cover two blocks in the Pearl River Mouth Basin
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE: CVX) announced today that its China subsidiary has
entered into production sharing contracts (PSC) with China National Offshore Oil
Corporation (CNOOC) for two exploration blocks in the South China Sea`s Pearl
River Mouth Basin. 

Under the PSC agreements, Chevron China Energy Company will hold a 100 percent
interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the
exploration phase Chevron China Energy Company will be the operator of the two
shallow water blocks, which in total cover an area of approximately 2,233 square
miles (5,782 square km). 

"Exploration of these blocks builds on our strategy to grow our business across
the Asia Pacific region, where we are developing LNG, deepwater, shale and sour
gas resources," said George Kirkland, vice chairman, Chevron Corporation. 

Melody Meyer, president, Chevron Asia Pacific Exploration and Production, said,
"We welcome the opportunity to partner with CNOOC and apply our industry-leading
exploration capabilities in the prospective Pearl River Mouth Basin." 

Chevron is one of the world`s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; 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. 

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of
"Safe Harbor" Provisions of the Private Securities Litigation Reform Act of
1995.

Some of the items discussed in this press release are forward-looking statements
about Chevron's activities in China. Words such as "prospective", "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 important factors that could cause
actual results to differ materially from those in the forward-looking statements
are changes in prices of, demand for and supply of crude oil and natural gas;
actions of competitors; the inability or failure of the company`s joint-venture
partners to fund their share of operations and development activities; the
potential failure to achieve expected net production from existing and future
crude oil and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the potential
disruption or interruption of the company`s net production or manufacturing
facilities or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in fiscal
terms or restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; 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.

for Chevron Corporation
Alex Yelland, Singapore, +65 9720 2560 

Copyright Business Wire 2013

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