Chevron to Expand Bangladesh Natural Gas Project
SAN RAMON, Calif., July 30, 2012 - Chevron Corporation (NYSE: CVX) today announced that its subsidiary will proceed with the expansion of its Bibiyana natural gas field in north-west Bangladesh.
The new project will include expansion of the gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells, and an enhanced gas liquids recovery unit. The project is estimated to cost approximately $500 million and is expected to boost Chevron's total natural gas production capacity in Bangladesh by more than 300 million cubic feet per day to 1.4 billion cubic feet per day, and 4,000 barrels per day of natural gas liquids. First production is expected in 2014.
George Kirkland, vice chairman, Chevron Corporation, said, "As the largest holder of natural gas resources in Asia-Pacific among our peers, this investment in Bangladesh further strengthens our regional portfolio of major gas projects and enhances our position as a leading supplier in the Asia Pacific region."
Melody Meyer, president, Chevron Asia Pacific Exploration and Production, said, "Bibiyana is the largest producing gas field in Bangladesh and a leading example of how technology, investment, and expertise can assist countries to utilize domestic resources to secure reliable, cleaner-burning, and affordable sources of energy."
Chevron 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 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 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 activities in Bangladesh. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "budgets," "outlook" 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 important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader 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.
Updated: July 2012