press release

Chevron Confirms Development of Nigeria Deepwater Field

SAN RAMON, Calif., Feb. 29, 2008 – Chevron confirms that its subsidiary Chevron Nigeria Deepwater Limited and its co-venturers are moving forward to develop the offshore Usan field in Nigeria.

"The Usan development project adds to Chevron's deep queue of projects that are expected to generate significant new production from West Africa's deep water," said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production.

Discovered in 2002, the Usan Field is located at a water depth of 2,461 feet (750 meters) in Oil Mining License 138 approximately 62 miles (100 kilometers) off the coast in the eastern Niger Delta. The development plan for the Usan Field includes a floating production, storage and offloading (FPSO) vessel with a storage capacity of 2 million barrels of oil. First production is expected in late 2011 with peak production of 180,000 barrels of oil per day. The associated gas will be reinjected in the reservoir.

"Usan will further enhance Chevron's already strong position in Nigeria and West Africa," said Fred Nelson, managing director, Chevron Nigeria/Mid-Africa Strategic Business Unit.

Co-venturers in the Usan Field development are Chevron Nigeria Limited (30 percent), Elf Petroleum Nigeria Limited (20 percent and operator), Esso Exploration and Production Nigeria (Offshore East) Ltd. (30 percent), and Nexen Petroleum Nigeria Ltd. (20 percent).

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

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 Nigeria. 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.

Published: February 2008