Chevron Enters Into Agreement with Kosmos Energy to Explore Offshore Suriname
Joint Exploration Agreement expands Chevron′s presence in a new
geological trend
Chevron Corporation (NYSE:CVX) announced that its wholly owned
subsidiary Chevron Global Energy Inc. (Chevron) will be assigned a 50
percent working interest in Blocks 42 and 45 offshore Suriname through
an agreement with Kosmos Energy. Under the agreement, Kosmos will have a
50 percent working interest and remain operator of both blocks until the
end of the exploration phase. Chevron will assume the remaining 50
percent working interest and will be the operator following any
commercial discoveries.
'This agreement enables us to explore for new resources in this frontier
basin,? said George Kirkland, vice chairman, Chevron Corporation. 'These
blocks are on trend with new deepwater Cretaceous discoveries in the
region.?
Blocks 42 and 45 are located approximately 155 miles (250 kilometers)
from Paramaribo and cover a combined area of approximately 2.8 million
gross acres, at water depths ranging between 650 and 8,500 feet
(200-2600 meters).
'We are very pleased to participate in Suriname′s emerging energy
sector,? said Ali Moshiri, president of Chevron Africa and Latin America
Exploration and Production Company. 'These blocks will expand our
exploration portfolio in Latin America.?
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.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Suriname. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'projects,'
'believes,' 'seeks,' 'schedules,' 'estimates,' 'budgets' 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. You
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.
Chevron Corporation
Kurt Glaubitz, +1-925-790-6928
San Ramon
