Chevron Makes Final Investment Decision on Moho Nord Joint Development Offshore Republic of the Congo

  Chevron Makes Final Investment Decision on Moho Nord Joint Development
  Offshore Republic of the Congo

         Deepwater projects are latest investment in strategic region

Business Wire

SAN RAMON, Calif. -- March 22, 2013

Chevron Corporation (NYSE: CVX) announced that its subsidiary Chevron Overseas
(Congo) Limited will proceed with the joint development of the Moho Bilondo
“Phase 1 bis” and Moho Nord projects as the company's latest deepwater
developments offshore the Republic of the Congo.

“Moho Nord is among a strong queue of major capital projects that will provide
Chevron with future growth,” said George Kirkland, vice chairman, Chevron
Corporation. “With the project, we will enhance our position in this prolific
deepwater basin.”

Situated approximately 46 miles (75 kilometers) offshore southwest of
Pointe-Noire in water depths ranging from 1,500 to 4,000 feet (450-1,200
meters), the Moho-Nord joint development is the largest-ever oil and gas
project in the Republic of the Congo. The Moho Bilondo “Phase 1 bis” project
includes wells tied back to an existing floating production unit with a
processing capacity of 40,000 barrels of oil per day. Production in the permit
area began in 2008 with the Moho Bilondo 1E development. The Moho Nord project
involves a tension leg platform, a floating production unit with a processing
capacity of 100,000 barrels of oil per day, and a new 50-mile (80 kilometer)
pipeline to the onshore Djeno terminal.

The project is expected to cost a total of $10 billion and achieve first oil
from the Moho Bilondo “Phase 1 bis” project in 2015 and first oil from the
Moho Nord project in 2016. The joint development will produce 140,000 barrels
per day of crude oil at its peak production in 2017.

“We are proud to partner with the Republic of the Congo to develop the
nation’s offshore resource potential,” said Ali Moshiri, president of Chevron
Africa and Latin America Exploration and Production Company. “Moho Nord is
further indication of our commitment to West Africa where Chevron has made
sizable investments.”

Chevron Overseas (Congo) Limited has a 31.5 percent working interest along
with Total E&P Congo (53.5 percent interest and Operator) and the National Oil
Company, Société Nationale des Pétroles du Congo (15 percent).

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information about Chevron is available at

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