Chevron Announces Natural Gas Discovery Offshore Australia

  Chevron Announces Natural Gas Discovery Offshore Australia

    Elfin-1 discovery grows unrivalled natural gas portfolio in Australia

Business Wire

SAN RAMON, Calif. -- April 23, 2013

Chevron Corporation (NYSE: CVX) today announced further drilling success by
its Australian subsidiary in the Exmouth Plateau area, located in the
Carnarvon Basin.

The Elfin-1 exploration discovery well encountered approximately 132 feet (40
meters) of net gas pay in the upper Mungaroo sands. It is Chevron’s 21^st
discovery offshore western Australia since mid-2009.

Located in the WA-268-P permit area, the well is located approximately 106
miles (170 kilometers) northwest of Barrow Island and was drilled in 3,570
feet (1,088 meters) of water to a total depth of 11,909 feet (3,630 meters).

“Elfin-1 is a demonstration of our continued industry leading exploration
success,” said George Kirkland, vice chairman, Chevron Corporation. “These
discoveries build a platform for future growth for Chevron.”

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company said, “This remarkable series of exploration discoveries in the
Carnarvon Basin has created a robust gas portfolio in Australia. The growth of
this portfolio positions the company to supply future LNG demand in the Asia
Pacific region.”

Chevron Australia is the operator of WA-268-P with a 50 percent interest while
Shell Development Australia and Mobil Australia Resources each hold a 25
percent interest.

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 Australia. 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.

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Contact:

for Chevron
Alex Yelland, Singapore, +65 9720 2560
 
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