press release

Chevron Concludes Successful Well Test in Rosebank

ABERDEEN, Scotland, July 17, 2007 -- Chevron North Sea Limited announced today the successful conclusion of a production test of the Rosebank appraisal well 205/1-1, West of Shetland. The Rosebank discovery is in approximately 3,700 feet of water some 100 miles north west of the Shetland Islands. Rosebank partners are Chevron as operator, Statoil, OMV and DONG Energy.

During the production test, the well flowed at choked rates of 6,000 barrels of oil per day of good quality light oil (37° API).

205/1-1 is the second appraisal well drilled in Rosebank as part of a three well programme conducted for Chevron and its partners by the Transocean Rather. The deviated well located at the southern end of the Rosebank structure encountered over 80 feet of vertical oil pay in sands at a depth of approximately 9,000 feet TVDSS.

The rig is currently moving to the third appraisal well location in the northern part of the structure to drill well 213/27-A2. It is expected that the programme will be completed by November 2007 when analysis of the appraisal data will determine the future work programme for the discovery.

Commenting on the well test, Chevron Managing Director Rick Cohagan said, 'This is a very encouraging result in a difficult environment and increases our confidence in the scale and feasibility of this exciting prospect. We are gathering good data that will help us to determine next steps for Rosebank and our other interests in the region.'

Energy Minister Malcolm Wicks added, 'This is a very promising signal and one which I hope will add additional drive to the West of Shetland Task Force. This group has been pursuing a collective solution to the development of this important area which potentially holds significant resources.'

Chevron and its partners are investing some £160 mm in the appraisal programme which started in October 2006.

Chevron is one of the companies participating in the government-initiated West of Shetland Task Force that is looking at possible regional solutions to unlock the potential of this largely undeveloped area of the UK Continental Shelf. Chevron is a substantial acreage holder in the West of Shetland region, with interests in over 60 exploration blocks.

Equity holders:

Chevron North Sea Limited 40%
Statoil (U.K.) Limited 30%
OMV (U.K.) Limited 20%
DONG Exploration & Production (UK) Limited 10%

Chevron Corporation is one of the world's leading integrated energy companies. The company has about 56,000 employees, and Chevron's subsidiaries conduct business in approximately 180 countries. Chevron operates across the entire energy spectrum—exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products; generating power; designing and marketing large-scale energy efficiency solutions and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at

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Updated: July 2007