Republic of Congo: Two discoveries in the Moho-Bilondo Permit
REPUBLIC OF CONGO, April 5, 2007 -- Chevron confirms the discovery of two new major oil accumulations in the northern part of the Republic of Congo Moho-Bilondo permit, situated some 80 kilometers offshore and in a water depth of 1,000 meters.
Two wells, Moho-Nord Marine 1 & 2 drilled in late 2006 and early 2007 by operator Total E&P, Congo, encountered 140 meter and 100 meter oil columns respectively, in good quality sandstone reservoirs of Miocene age. Evaluation and development option studies have been commenced by the operator.
The Moho-Bilondo project received development approval in August 2005 and comprises of sub-sea wells tied back to a floating production unit with export via the onshore Djeno terminal. Production is scheduled to begin in 2008.
Partners in the Moho-Bilondo permit are: Chevron Overseas Congo Ltd. 31.5%, Total E&P Congo, operator, 53.5% and Societe Nationale des Petroles du Congo (SNPC) 15%.
Chevron Overseas Congo holds interests in the Moho-Bilondo and Nkossa permits operated by Total and the Marine VII permit, operated by ENI. Chevron Congo is operator of the joint Congo/Angola 14K/A-IMI (Lianzi) Unit.
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 the Republic of Congo. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" 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 factors that could cause actual results to differ materially are changes in demand for and supply of crude oil and natural gas; results of additional testing; selection and successful execution of development plans; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; and general economic and political conditions. You 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: April 2007