Chevron Signs Agreement for Exploration Areas Offshore Morocco

Tue Jan 22, 2013 10:24am EST

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Acreage expands Chevron`s footprint offshore Africa
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE:CVX) announced that its subsidiary, Chevron Morocco
Exploration Ltd, signed petroleum agreements with Morocco`s Office National Des
Hydrocarbures Et Des Mines for three offshore areas. 

"We look forward to participating in exploration activities in Morocco, which
provides Chevron an opportunity to advance our growth strategy in frontier
basins," said George Kirkland, vice chairman, Chevron Corporation. 

Once awarded, Chevron will acquire seismic data and conduct studies in deepwater
areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep located
between 60 and 120 miles (100 to 200 kilometers) west and northwest of Agadir,
Morocco. The areas encompass approximately 11,300 square miles (29,200 square
kilometers) with average water depths ranging from between 330 feet to 14,700
feet (100 meters to 4500 meters). 

Ali Moshiri, president, Chevron Africa and Latin America Exploration and
Production Company, said, "This is an opportunity for Chevron to expand its
already strong presence in the region and allows us to acquire further knowledge
about promising geology in an emerging area." 

Chevron Morocco Exploration Ltd has a 75 percent working interest in the three
areas, with the Office National Des Hydrocarbures Et Des Mines holding the
remaining 25 percent. 

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 

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

Some of the items discussed in this press release are forward-looking statements
about Chevron's activities in Morocco. 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 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 andchanges 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.

Chevron Corporation
Jim Craig, +1 646-416-0191

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