press release

Chevron Press Release - Chevron, Partners Boost Angola Production As North Nemba Platform Produces

This is news concerning Chevron but issued by a Chevron subsidiary, Chevron San Jorge, and archived here for record purposes.

SAN FRANCISCO, Aug. 17 -- Chevron and its partners today celebrated the start of oil production from the North Nemba platform in Block 0, offshore the Republic of Angola. North Nemba is expected to reach peak production of about 50,000 barrels a day during the second quarter of 2002, and to produce an average of about 40,000 barrels a day for the year 2002.

"North Nemba production will boost Chevron-operated crude volumes produced from Block 0 and deep-water Block 14 to an average of more than 500,000 barrels a day this year," said Peter Robertson, president of Chevron Overseas Petroleum Inc. He noted that production growth in its African operations is a key Chevron objective, and that Block 0 has been a cornerstone of this portfolio.

"This latest achievement typifies the highly effective results earned through excellent cooperation between partners -- a hallmark of Block 0 development. Partnership is a value we prize," Robertson added.

The Nemba field, located in Area B of Block 0 approximately 37 miles (62 kilometers) west of the Malongo Terminal, is being developed through two production platforms, South and North Nemba. Both platforms include gas compression facilities for gas conservation and secondary recovery through rich gas injection. South Nemba, installed in December 1997, began production in June 1998.

The North Nemba drilling program includes 12 wells, nine oil/condensate production wells and three gas injection wells. Prior to commencing crude production from North Nemba, a gas injection well was completed in order to minimize gas flaring during commissioning and start-up of the platform.

North Nemba crude is transported via pipeline to the Malongo Terminal for export.

Notes to editors:

Participants in Block 0, offshore Angola:

  • CABGOC (operator) -- 39.2 percent
  • SONANGOL -- 41.0 percent (Sociedade Nacional de Combustveis de Angola, the national oil company)
  • Elf Petroleum Angola -- 10.0 percent
  • AGIP Angola Production BV -- 9.8 percent

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 relating to the expected production from the North Nemba platform. These are based on management's current expectations, estimates and projections. The statements included in this release are not guarantees of future performance. Actual outcomes and results could differ materially from what is expressed or forecasted in these forward-looking statements.

Updated: August 2001