press release

Chevron Press Release - Huge Britannia Gas Field Development Approved

SAN RAMON, Dec. 20, 1994 -- One of the largest and most important offshore natural gas fields in the United Kingdom has been approved for development by U.K. regulatory authorities, Chevron announced today.

The Britannia Field, in the central North Sea about 130 miles north of Aberdeen, is the largest undeveloped gas discovery in the U.K., containing approximately 2.5 trillion cubic feet of recoverable natural gas. In addition, it contains up to 140 million barrels of recoverable condensate and natural gas liquids. Peak production is estimated to be approximately 740 million cubic feet of gas and up to 70,000 barrels of condensate per day.

Development plans have been approved by the U.K. Department of Trade and Industry, and production from Britannia is planned to begin in the fourth quarter of 1998 and to run for up to 30 years. The huge field was discovered in 1975.

Britannia is jointly operated by two companies, Chevron U.K. Limited and Conoco (U.K.) Limited. Chevron's interest in the project is approximately 30 percent.*

"The green light on Britannia's development finishes off an excellent year for Chevron in the North Sea," noted Dick Matzke, President of Chevron Overseas Petroleum Inc. "We've been involved in North Sea exploration and production for three decades, and 1994 marked a year of renewed and aggressive growth."

In January, Chevron announced first oil production from the Alba Field, a 1984 discovery. Chevron has an approximate interest of 33 percent in Alba, which holds up to 400 million recoverable barrels of oil. In August, the first phase of the Alba project produced in excess of its designed capacity of 75,000 barrels per day.

In October, the Chevron-operated Ninian oil field produced its billionth barrel of crude oil. Only two other fields in the U.K. sector of the North Sea have attained the billion-barrel mark. Chevron has an approximate interest of 24 percent in the huge field. In addition, three operators of oil fields near Ninian have selected Chevron to transport and process their oil and gas utilizing the Ninian infrastructure.

Updated: December 1994