Chevron Announces Green Light for Multi-Billion Dollar Gas Project in Thailand

Platong Gas II to add 420 million cubic feet of natural gas per
day processing capacity
BANGKOK, Thailand & SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE:CVX) today announced that the company
and its partners have given the green light to construct the Platong
Gas II natural gas project in the Gulf of Thailand. Total development
cost of the field is approximately $3.1 billion with startup scheduled
for first quarter 2011.

The Platong Gas II development, located in shallow water, 120
miles (200 km) offshore, is designed to add 420 million cubic feet of
natural gas per day processing capacity. The project feeds the growing
demand for gas in the domestic market. Chevron is operator and holds a
69.8 percent participating interest with Mitsui Oil Exploration Co.
Ltd. (27.4 percent) and PTT Exploration and Production Public Co. Ltd.
(2.8 percent).

"The Asia-Pacific region is poised to become the world's most
significant oil and gas consumer, with demand forecasted to grow by
about 90 percent by 2030," said Jim Blackwell, president of Chevron
Asia Pacific Exploration and Production Co. "Chevron is well
positioned with a robust queue of major projects across the region to
help satisfy future demand.

"The Platong Gas II project alone has the potential to satisfy 14
percent of the natural gas used for power generation in the Kingdom.
Platong Gas II is a milestone that builds on the 45-year relationship
between Chevron and the Kingdom of Thailand," said Blackwell.

Tara Tiradnakorn, president of Chevron Thailand Exploration and
Production, added, "Platong Gas II is a world-class natural gas
project that will generate new jobs and revenue for the Kingdom, as
well as provide a future source of energy for the Thai people and
industry for decades to come."

Chevron recently signed an agreement with the Ministry of Energy
of Thailand to increase its daily contract quantity of natural gas by
500 million cubic feet to 1.2 billion by 2012 from company-operated
offshore blocks 10, 11, 12 and 13. Platong Gas II is expected to be
the major source of this increase in production. In October 2007, the
company received ten-year lease extensions until 2022 for blocks 10
through 13. Chevron has ownership interests in these blocks ranging
from 60 percent to 80 percent.

Chevron operates more than 195 platforms in the Gulf of Thailand
with 2007 total average daily production of 138,000 barrels of oil and
condensate (71,000 net) and 1.7 billion gross cubic feet of gas (916
million net).

Chevron Corporation is one of the world's leading integrated
energy companies with subsidiaries that conduct business across the
globe. The company's success is driven by the ingenuity and commitment
of approximately 59,000 employees who operate across the energy
spectrum. Chevron explores for, produces and transports crude oil and
natural gas; refines, markets and distributes transportation fuels and
other energy products and services; manufactures and sells
petrochemical products; generates power and produces geothermal
energy; and develops and commercializes the energy resources of the
future, including biofuels and other renewables. 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 Thailand.
Words such as "anticipates," "expects," "intends," "plans," "targets,"
"projects," "believes," "seeks," "estimates," "budgets" 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; 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. You 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
Nicole Hodgson, Bangkok, Asia, +66 81932 6912
nhodgson@chevron.com
or
Kurt Glaubitz, San Ramon, U.S.A., +1 925-842-2561
kurt.glaubitz@chevron.com

Copyright Business Wire 2008