Chevron Makes Final Investment Decision on Mafumeira Sul Project Offshore Angola

  Chevron Makes Final Investment Decision on Mafumeira Sul Project Offshore

$5.6 billion project is second-stage development of successful Mafumeira Field

Business Wire

SAN RAMON, Calif. -- February 6, 2013

Chevron Corporation (NYSE: CVX) announced today that its Cabinda Gulf Oil
Company Limited subsidiary will proceed with the development of the Mafumeira
Sul project located offshore Angola.

Located 15 miles (24 km) offshore Cabinda province in 200 feet (60 m) of
water, the $5.6 billion Mafumeira Sul project is the second stage of
development of the Mafumeira Field located in Block 0. The project scope
includes 50 wells, two wellhead platforms, a central processing and
compression facility and approximately 75 miles (121 km) of subsea pipelines.

“This decision demonstrates our commitment to further developing opportunities
in Angola where Chevron has a leading position and further adds to our strong
queue of major capital projects under development,” said George Kirkland, vice
chairman, Chevron Corporation.

“When completed, this project is expected to grow the company’s production
capacity in the Mafumeira Field,” said Ali Moshiri, president of Chevron
Africa and Latin America Exploration and Production Company. “This development
builds off the success of the Mafumeira Norte project and our strong track
record of developing other major capital projects in the region.”

Mafumeira Sul is expected to reach first oil in 2015 and build toward peak
total daily production of 110,000 barrels of crude oil and 10,000 barrels of
liquefied petroleum gas. Associated natural gas will be commercialized through
the Angola Liquefied Natural Gas (ALNG) plant in Soyo, Angola.

Chevron’s subsidiary is the operator and holds a 39.2 percent interest in
Mafumeira Sul. Chevron’s partners are Sonangol E.P. (41 percent), Total (10
percent) and ENI (9.8 percent). Mafumeira Norte, the initial development of
the Mafumeira Field, achieved first oil in 2009 and currently produces more
than 40,000 barrels of oil a day. Chevron produces 340,000 barrels of oil and
condensate (108,000 net) from Block 0.

Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is driven
by the ingenuity and commitment of its employees and their application of the
most innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; 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

Cautionary Statement Relevant to Forward-Looking Information for the Purpose
of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of

This press release of Chevron Corporation contains forward-looking statements
relating to Chevron's operations in Angola that are based on management's
current expectations, estimates and projections about the petroleum,
chemicals, and other energy-related industries. Words such as "anticipates,"
"expects," "intends," "plans," "targets," “forecasts,” "projects," "believes,"
"seeks," "schedules," "estimates," "budgets," “outlook,” "will supply," "will
be supplied" and similar expressions are intended to identify such
forward-looking statements. These statements 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.
Therefore, actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements. 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.

Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are changing crude-oil
and natural-gas prices; changing refining, marketing and chemicals margins;
actions of competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy sources or
product substitutes; technological developments; the results of operations and
financial condition of equity affiliates; 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, severe weather or crude
oil production quotas that might be imposed by the Organization of Petroleum
Exporting Countries; the potential liability for remedial actions or
assessments under existing or future environmental regulations and litigation;
significant investment or product changes under existing or future
environmental statutes, regulations and litigation; the potential liability
resulting from pending or future litigation; the company's future acquisition
or disposition of assets and gains and losses from asset dispositions or
impairments; government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the U.S. dollar;
the effects of changed accounting rules under generally accepted accounting
principles promulgated by rule-setting bodies; and the factors set forth under
the heading "Risk Factors" on pages 29 through 31 of the company's 2011 Annual
Report on Form 10-K. In addition, such statements could be affected by general
domestic and international economic and political conditions. Other
unpredictable or unknown factors not discussed in this press release could
also have material adverse effects on forward-looking statements.

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