Tahiti Project First Oil Scheduled for Third Quarter 2009
SAN RAMON, Calif., Oct. 25, 2007 - Chevron Corporation (NYSE: CVX) today announced that it expects first production from its Tahiti project in the deepwater Gulf of Mexico by the third quarter of 2009, approximately 12 months later than the original date that was planned prior to the discovery of defective shackles in the facility's mooring system.
With a recoverable resource ranging from 400 million to 500 million barrels of oil-equivalent, the Tahiti field is believed to be one of the Gulf's largest deepwater discoveries. The field, located approximately 190 miles south of New Orleans and in more than 4,000 feet of water, is intended to be developed from two subsea drill centers producing to a floating production facility supported by a truss spar. The Tahiti facilities are designed to have a daily production capacity of 125,000 barrels of crude oil and 70 million standard cubic feet of natural gas.
The installation of Tahiti's truss spar was delayed in June 2007 when testing revealed a metallurgical problem with the mooring shackles.
Chevron Corporation is one of the world's leading integrated energy companies. We have approximately 58,000 employees, and our subsidiaries conduct business in more than 180 countries. We operate across the entire energy spectrum - producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources of the future, including biofuels and other renewables. 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 the U.S. Gulf of Mexico. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates," "budgets" 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; 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, severe weather or crude-oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); government-mandated sales, divestitures, recapitalizations, changes in fiscal terms or restrictions on scope of company operations; general economic and political conditions; and the factors set forth under the heading "Risk Factors" on pages 31 and 32 of the company's 2006 Annual Report on Form 10-K. . 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.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "recoverable resource," among others, may be used in this press release that are not permitted to be used in the company's filings with the SEC. Investors should refer to disclosures contained in Chevron's Annual Report on Form 10-K for the year ended December 31, 2006.
Updated: October 2007