press release

Chevron Confirms First Production From the Moho Bilondo Phase 1b Development Offshore the Republic of Congo

SAN RAMON, Calif., Dec. 11, 2015 – Chevron Corporation (NYSE: CVX) confirmed today that its subsidiary, Chevron Overseas (Congo) Limited, and partners have started production from the deepwater development Moho Bilondo Phase 1b offshore the Republic of Congo.

Phase 1b Project 

Phase 1b is located approximately 46 miles (75 km) off the coast of Pointe-Noire

Located approximately 46 miles (75 km) off the coast of Pointe-Noire in water depths ranging from 2,400 to 4,000 feet (750 to 1,200 meters), Moho Bilondo Phase 1b is part of the Moho Nord joint development project, the largest-ever oil and gas project undertaken in the Republic of Congo. The Moho Bilondo Phase 1b project includes 11 wells tied back to an existing floating production unit and is expected to produce a total of 40,000 barrels of oil per day.

"First oil from the Moho Bilondo Phase 1b development is the latest successful start-up in our diverse portfolio of deepwater projects, which we expect to generate value for years to come," said Jay Johnson, executive vice president Upstream, Chevron Corporation.

"The successful development of Phase 1b demonstrates our ongoing commitment to the Republic of Congo and is a testament to industry and government cooperation," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. "The project integrates the unique skills and expertise of multiple partners to deliver challenging projects and new energy production."

The Phase 1b development targeted reserves in the southern portion of the Moho Bilondo permit area. The Moho Nord subsea development, which will be the second phase of the Moho Nord joint development project, is in the northern part of the area.

The Moho Nord development project involves a tension-leg platform, a floating production unit with a processing capacity of 100,000 barrels of oil per day, and a 50-mile (80-kilometer) pipeline to the onshore Djeno Terminal.

Chevron Overseas (Congo) Limited has a 31.5 percent working interest in the Moho Bilondo permit area, along with Total E&P Congo (53.5 percent working interest and operator) and the national oil company, Société Nationale des Pétroles du Congo (15 percent working interest).

Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

NOTICE

CAUTIONARY STATEMENTS 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. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," “schedules,” “estimates,” "may," "could," “should,” "budgets," "outlook," “on schedule,” “on track,” 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; the company’s ability to realize anticipated cost savings and expenditure reductions; 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 business, net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts; other natural or human factors; 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: December 2015