Chevron Makes Final Investment Decision on Mafumeira Sul Project Offshore Angola

Wed Feb 6, 2013 9:00am EST

* Reuters is not responsible for the content in this press release.

$5.6 billion project is second-stage development of successful Mafumeira Field
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE: CVX) announced today that its Cabinda Gulf Oil
Company Limited subsidiary will proceed with the development of the Mafumeira
Sul project located offshore Angola. 

Located 15 miles (24 km) offshore Cabinda province in 200 feet (60 m) of water,
the $5.6 billion Mafumeira Sul project is the second stage of development of the
Mafumeira Field located in Block 0. The project scope includes 50 wells, two
wellhead platforms, a central processing and compression facility and
approximately 75 miles (121 km) of subsea pipelines. 

"This decision demonstrates our commitment to further developing opportunities
in Angola where Chevron has a leading position and further adds to our strong
queue of major capital projects under development," said George Kirkland, vice
chairman, Chevron Corporation. 

"When completed, this project is expected to grow the company`s production
capacity in the Mafumeira Field," said Ali Moshiri, president of Chevron Africa
and Latin America Exploration and Production Company. "This development builds
off the success of the Mafumeira Norte project and our strong track record of
developing other major capital projects in the region." 

Mafumeira Sul is expected to reach first oil in 2015 and build toward peak total
daily production of 110,000 barrels of crude oil and 10,000 barrels of liquefied
petroleum gas. Associated natural gas will be commercialized through the Angola
Liquefied Natural Gas (ALNG) plant in Soyo, Angola. 

Chevron`s subsidiary is the operator and holds a 39.2 percent interest in
Mafumeira Sul. Chevron`s partners are Sonangol E.P. (41 percent), Total (10
percent) and ENI (9.8 percent). Mafumeira Norte, the initial development of the
Mafumeira Field, achieved first oil in 2009 and currently produces more than
40,000 barrels of oil a day. Chevron produces 340,000 barrels of oil and
condensate (108,000 net) from Block 0. 

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 

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

This press release of Chevron Corporation contains forward-looking statements
relating to Chevron's operations in Angola that are based on management's
current expectations, estimates and projections about the petroleum, chemicals,
and other energy-related industries. Words such as "anticipates," "expects,"
"intends," "plans," "targets," "forecasts," "projects," "believes," "seeks,"
"schedules," "estimates," "budgets," "outlook," "will supply," "will be
supplied" and similar expressions are intended to identify such forward-looking
statements. These statements 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. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in such forward-looking statements. 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.

Among the important factors that could cause actual results to differ materially
from those in the forward-looking statements are changing crude-oil and
natural-gas prices; changing refining, marketing and chemicals margins; actions
of competitors or regulators; timing of exploration expenses; timing of crude
oil liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the results of operations and financial
condition of equity affiliates; 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, severe weather or crude oil
production quotas that might be imposed by the Organization of Petroleum
Exporting Countries; the potential liability for remedial actions or assessments
under existing or future environmental regulations and litigation; significant
investment or product changes under existing or future environmental statutes,
regulations and litigation; the potential liability resulting from pending or
future litigation; the company's future acquisition or disposition of assets and
gains and losses from asset dispositions or impairments; government-mandated
sales, divestitures, recapitalizations, industry-specific taxes, changes in
fiscal terms or restrictions on scope of company operations; foreign currency
movements compared with the U.S. dollar; the effects of changed accounting rules
under generally accepted accounting principles promulgated by rule-setting
bodies; and the factors set forth under the heading "Risk Factors" on pages 29
through 31 of the company's 2011 Annual Report on Form 10-K. In addition, such
statements could be affected by general domestic and international economic and
political conditions. Other unpredictable or unknown factors not discussed in
this press release could also have material adverse effects on forward-looking

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Chevron Corporation
Jim Craig, +1 646-416-0191 (Houston)

Copyright Business Wire 2013

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