press release

Chevron Confirms First Production from Usan Deepwater Field

SAN RAMON, Calif., February 24, 2012 – Chevron Corporation (NYSE: CVX) through its Nigerian subsidiary Chevron Nigeria Limited today confirmed first production from the deepwater offshore Usan project in Nigeria.

"Usan represents an important milestone in progressing Chevron's queue of major capital projects," said Vice Chairman George Kirkland.  "The project demonstrates our growth in West Africa, which is a leading global resource basin."

Discovered in 2002, the Usan field is approximately 62 miles (100 km) off the coast of the Niger Delta, in water depths of about 2,400 feet (750 m). The project will use a floating production, storage and offloading vessel with a storage capacity of two million barrels of oil and a maximum total daily production capacity of 180,000 barrels of crude oil. Associated gas will be reinjected in the reservoir. Partners in the Usan project include Chevron Petroleum Nigeria Limited (30 percent), Total E&P Nigeria Limited (20 percent and operator), Esso E&P Nigeria (Offshore East) Limited (30 percent) and Nexen Petroleum Nigeria Limited (20 percent).

Usan is Chevron's second deepwater project in Nigeria.  The Agbami project achieved first oil in 2008 and is currently producing approximately 240,000 barrels of crude oil per day.  Chevron holds a 67.3 percent interest and operates the Agbami project.

Chevron Corporation 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 Corporation 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 Corporation is based in San Ramon, Calif. More information about Chevron Corporation is available at www.chevron.com.

Updated: February 2012