Chevron Confirms Startup of Moho-Bilondo Offshore Republic of the Congo
SAN RAMON, Calif., April 29, 2008 - Chevron Corporation (NSYE: CVX) today confirmed first production from the deepwater offshore Moho-Bilondo project in the Republic of the Congo.
The project, in which Chevron has a 31.5 percent interest, was completed ahead of schedule.
Originally planned to come onstream in the second half of 2008, Moho-Bilondo consists of subsea well clusters that flow into a floating processing unit. Maximum total daily production of 90,000 barrels of crude oil is expected in 2010.
The Moho Field, located nine miles (15 km) off the Congolese coast, was discovered in 1995 in the Haute-Mer concession in 2,300 feet (700 meters) of water.
In addition, two exploration wells, Moho-Nord Marine 1 and 2, were drilled in the permit area in 2007.
Chevron's partners on the project are Société Nationale des Pétroles du Congo (15 percent) and Total E&P Congo (operator and 53.5 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 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 upstream activities in the Republic of Congo. 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 demand for and supply of crude oil and natural gas; potential delays in future development activities; actions of competitors; 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); government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; general economic and political conditions; and the factors set forth under the heading "Risk Factors" on pages 32 and 33 of the company's 2007 Annual Report on Form 10-K/A. 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: April 2008