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).

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 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...

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,"
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"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
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due to war, accidents, political events, civil unrest, severe weather or crude
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Exporting Countries; the potential liability for remedial actions or
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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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Contact:

Chevron Corporation
Jim Craig, +1-646-416-0191
 
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