Chevron Makes Final Investment Decision on Moho Nord Joint Development Offshore Republic of the Congo

Fri Mar 22, 2013 12:00pm EDT

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Deepwater projects are latest investment in strategic region
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE: CVX) announced that its subsidiary Chevron Overseas
(Congo) Limited will proceed with the joint development of the Moho Bilondo
"Phase 1 bis" and Moho Nord projects as the company's latest deepwater
developments offshore the Republic of the Congo. 

"Moho Nord is among a strong queue of major capital projects that will provide
Chevron with future growth," said George Kirkland, vice chairman, Chevron
Corporation. "With the project, we will enhance our position in this prolific
deepwater basin." 

Situated approximately 46 miles (75 kilometers) offshore southwest of
Pointe-Noire in water depths ranging from 1,500 to 4,000 feet (450-1,200
meters), the Moho-Nord joint development is the largest-ever oil and gas project
in the Republic of the Congo. The Moho Bilondo "Phase 1 bis" project includes
wells tied back to an existing floating production unit with a processing
capacity of 40,000 barrels of oil per day. Production in the permit area began
in 2008 with the Moho Bilondo 1E development. The Moho Nord project involves a
tension leg platform, a floating production unit with a processing capacity of
100,000 barrels of oil per day, and a new 50-mile (80 kilometer) pipeline to the
onshore Djeno terminal. 

The project is expected to cost a total of $10 billion and achieve first oil
from the Moho Bilondo "Phase 1 bis" project in 2015 and first oil from the Moho
Nord project in 2016. The joint development will produce 140,000 barrels per day
of crude oil at its peak production in 2017. 

"We are proud to partner with the Republic of the Congo to develop the nation`s
offshore resource potential," said Ali Moshiri, president of Chevron Africa and
Latin America Exploration and Production Company. "Moho Nord is further
indication of our commitment to West Africa where Chevron has made sizable
investments." 

Chevron Overseas (Congo) Limited has a 31.5 percent working interest along with
Total E&P Congo (53.5 percent interest and Operator) and the National Oil
Company, Société Nationale des Pétroles du Congo (15 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. 

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

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
statements.

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

Copyright Business Wire 2013

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