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SAN RAMON, Calif., January 25, 2011 – Chevron Corporation (NYSE: CVX) today confirmed discoveries within the Moho-Bilondo license in the Republic of the Congo.

The Bilondo Marine 2 and 3 wells are located approximately 40 miles (70 kilometers) offshore of the Republic of the Congo, in 2,600 feet (800 meters) of water in the central part of the Moho-Bilondo license.

George Kirkland, vice chairman, Chevron Corporation, said, "These discoveries further demonstrate the potential of West Africa where Chevron has made significant investments to develop new energy resources."

Bilondo Marine 2 and 3 were drilled to a total depth of around 6,000 feet (1,800 m). The Bilondo Marine 2 (BILDM-2) well found 253 feet (77 m) of gross reservoir, while the Bilondo Marine 3 (BILDM-3) well, which had a different reservoir as objective, found 144 feet (44 m) of gross reservoir.  Both wells were successfully tested and flowed oil.

 "We look forward to continuing the work needed to further evaluate these discoveries and potential development options," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. 

The discoveries follow two previous successful exploration wells, Moho Nord Marine-1 and 2, drilled in the permit area in 2007 and the positive appraisal wells Moho Nord Marine-3 in 2008 and Moho Nord Marine-4 in 2009.

The permit area's deepwater Moho-Bilondo project began production in April 2008 and is currently producing 90,000 barrels of crude oil a day. Chevron's subsidiary holds a 31.5 percent interest in the permit area with partners Société Nationale des Pétroles du Congo (15 percent) and Total E&P Congo (operator and 53.5 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.

Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Republic of Congo. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," “schedules,” "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; timely development of the field; 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.


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