Chevron Announces First Oil Production From Indonesia's North Duri Field
Latest achievement extends life of field that has produced more than 2 billion barrels
SAN RAMON, Calif., Nov. 25, 2008 - Chevron Corporation (NYSE: CVX) today announced that its wholly owned subsidiary, PT Chevron Pacific Indonesia, has started producing crude oil from the North Duri Field Area 12 in Indonesia, where Chevron produces nearly half the nation's crude oil.
First oil was achieved on Nov. 14, 2008, and production is projected to increase to 34,000 barrels of crude oil per day by 2012. Initial production from North Duri Area 12 will increase with the application of steamflood technology next year.
"The Duri Field is a remarkable base business success for Chevron. With the application of technology, we have been able to extend the life of this field and increase the amount of oil ultimately recovered," said George Kirkland, executive vice president, Upstream and Gas, Chevron.
North Duri Area 12 represents the latest expansion of the Duri field, the largest producing field Chevron operates in Indonesia. The Duri Field currently produces nearly 200,000 barrels of crude oil per day. Discovered in 1941 on the island of Sumatra, the field is one of the world's largest steamflood projects. Steamflooding is an enhanced oil recovery method that injects steam into the reservoir to increase oil recovery. At the Duri Field, steamflooding has more than tripled oil production, and has enabled the recovery of more than 2 billion barrels of crude oil.
"This remarkable achievement builds on our 84-year history in Indonesia, where we are working together with the government to efficiently develop Indonesia's crude oil, natural gas and geothermal resources," said Jim Blackwell, president, Chevron Asia Pacific Exploration and Production Company.
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; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; 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 Indonesia. Words such as "anticipates," "expects," "projects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" 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 demand for and supply of crude oil and natural gas; selection and successful execution of development plans; actions of competitors; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on the scope of the company's operations; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); 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.
Updated: November 2008