press release

Chevron Press Release - Chevron And Joint-Venture Participants Announce New Production

SAN RAMON, Calif., May 27, 1994 -- Crude oil production has begun at the Roller/Skate oil and natural gas project offshore Western Australia, Chevron announced today. Chevron Asiatic Limited is a participant in the project, which is operated by WAPET (West Australian Petroleum Pty. Ltd.).

Located 20 kilometers (12 miles) west of Onslow, the Roller and Skate fields were discovered in 1990 and 1991, respectively. They are believed to hold combined recoverable liquid reserves of 40 million barrels.

First production commenced at the Roller Field at a rate of approximately 5,000 barrels a day. The Skate Field is expected to come on stream in July, and combined production should peak at 35,000 barrels a day by August.

"First production was achieved a month and a half ahead of schedule as well as under budget," says Richard Matzke, President of Chevron Overseas Petroleum Inc. "We're very pleased with the progress and management of this project."

Chevron Asiatic has a 25.71 percent share in the fields. Other participants, through WAPET, are Texaco, Ampolex, Shell and Western Mining Corporation.

The fields are being developed using horizontal wells drilled from four unmanned monopod structures. Production is being transported by subsea pipeline 27 kilometers (nearly 17 miles) to Thevenard Island, where WAPET operates a facility that processes, stores and exports petroleum from the nearby Saladin and Yammaderry fields.

WAPET anticipates the Roller and Skate fields also will yield 20 million cubic feet a day of natural gas.

In addition to its participation in a number of WAPET exploration and production ventures, Chevron holds a 16.7 percent non-operated interest in Australia's huge North West Shelf project, which produces natural gas for Western Australia and liquefied natural gas for customers in Japan.

Updated: May 1994