Chevron Acquires New Offshore China Acreage

  Chevron Acquires New Offshore China Acreage

    Agreements with CNOOC cover two blocks in the Pearl River Mouth Basin

Business Wire

SAN RAMON, Calif. -- January 16, 2013

Chevron Corporation (NYSE: CVX) announced today that its China subsidiary has
entered into production sharing contracts (PSC) with China National Offshore
Oil Corporation (CNOOC) for two exploration blocks in the South China Sea’s
Pearl River Mouth Basin.

Under the PSC agreements, Chevron China Energy Company will hold a 100 percent
interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the
exploration phase Chevron China Energy Company will be the operator of the two
shallow water blocks, which in total cover an area of approximately 2,233
square miles (5,782 square km).

“Exploration of these blocks builds on our strategy to grow our business
across the Asia Pacific region, where we are developing LNG, deepwater, shale
and sour gas resources,” said George Kirkland, vice chairman, Chevron
Corporation.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production,
said, “We welcome the opportunity to partner with CNOOC and apply our
industry-leading exploration capabilities in the prospective Pearl River Mouth
Basin.”

Chevron is one of the world’s leading integrated energy companies, with
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 petrochemical
products; generates power and produces geothermal energy; provides energy
efficiency solutions; and develops the energy resources of the future,
including biofuels. 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 China. Words such as “prospective”,
"anticipates," "expects," "intends," "plans," "targets," “forecasts,”
"projects," "believes," "seeks," “schedules,” "estimates," "budgets,"
“outlook” 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; 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 net production or manufacturing facilities or
delivery/transportation networks due to war, accidents, political events,
civil unrest, or severe weather; 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.

Contact:

for Chevron Corporation
Alex Yelland, Singapore, +65 9720 2560