press release

Federal Environmental Approval for the Gorgon Development

PERTH, Western Australia, 10 October, 2007 - The Gorgon Joint Venture Participants - Chevron, ExxonMobil and Shell - today welcomed a further step forward for the Gorgon Project.

The Federal Minister for the Environment the Hon. Malcolm Turnbull, has issued Australian government approval for the Gorgon Development Proposal on Barrow Island sourcing gas from the Gorgon Joint Venture resources located off Australia's northwest coast.

Colin Beckett, Chevron Australia General Manager for the Greater Gorgon Area, speaking on behalf of the Joint Venture Participants, said that the Minister's decision was a welcome outcome after four years of rigorous state and federal assessment which has produced a comprehensive environmental management regime.

"The Western Australian and Federal governments have provided an environmental management regime under which the project proponents, governments and community can continue working together to maintain the conservation values of Barrow Island while generating significant economic benefits into the future," said Mr Beckett.

"We will now build the detailed environmental conditions into our work regarding the project's overall optimisation and engineering which is aimed at making certain Gorgon is a beneficial, long term project from a design, operability and economics point of view.

"We believe it is important to take time to get this project right. We are doing as much work as possible to ensure Australia's largest known gas resource is developed in an effective, efficient, responsible and internationally competitive manner," said Mr Beckett.

Today's announcement is the consequence of extensive community consultation, the input of a wide range of local and global scientific expertise and the experience Chevron Australia has gained from operating Australia's largest and oldest onshore oilfield on Barrow Island for more than 40 years.

The Gorgon Project, with an estimated resource base of more than 40 trillion cubic feet of gas and a nominal development life of around 60 years, is operated by the Australian subsidiary of Chevron in joint venture with Australian subsidiaries of ExxonMobil and Shell.

Updated: October 2007