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Chevron Signs Agreement for Exploration Areas Offshore Morocco



  Chevron Signs Agreement for Exploration Areas Offshore Morocco

             Acreage expands Chevron’s footprint offshore Africa

Business Wire

SAN RAMON, Calif. -- January 22, 2013

Chevron Corporation (NYSE:CVX) announced that its subsidiary, Chevron Morocco
Exploration Ltd, signed petroleum agreements with Morocco’s Office National
Des Hydrocarbures Et Des Mines for three offshore areas.

“We look forward to participating in exploration activities in Morocco, which
provides Chevron an opportunity to advance our growth strategy in frontier
basins,” said George Kirkland, vice chairman, Chevron Corporation.

Once awarded, Chevron will acquire seismic data and conduct studies in
deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep
located between 60 and 120 miles (100 to 200 kilometers) west and northwest of
Agadir, Morocco. The areas encompass approximately 11,300 square miles (29,200
square kilometers) with average water depths ranging from between 330 feet to
14,700 feet (100 meters to 4500 meters).

Ali Moshiri, president, Chevron Africa and Latin America Exploration and
Production Company, said, “This is an opportunity for Chevron to expand its
already strong presence in the region and allows us to acquire further
knowledge about promising geology in an emerging area.”

Chevron Morocco Exploration Ltd has a 75 percent working interest in the three
areas, with the Office National Des Hydrocarbures Et Des Mines holding the
remaining 25 percent.

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 Morocco. Words such as "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:

Chevron Corporation
Jim Craig, +1 646-416-0191
jgzh@chevron.com
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