Chevron′s Rosebank Project in the United Kingdom Enters Design Phase
The project is Chevron′s first operated development in the West of
Shetland basin
Chevron Corporation (NYSE: CVX) announced that its U.K. subsidiary has
entered front-end engineering and design (FEED) on the Rosebank oil and
gas project in the West of Shetland region.
'The Rosebank project is another important step forward in our strategy
to grow profitably in core areas of our upstream business,? said George
Kirkland, Chevron′s vice chairman. 'Chevron has extensive deepwater
capabilities, and the Rosebank project fits well in our portfolio.?
The Chevron-operated Rosebank project is located approximately 80 miles
(130 kilometers) northwest of the Shetland Islands, in water depths of
approximately 3,700 feet (1,100 meters). The project will include a
floating production, storage and offloading vessel, production and water
injection wells, subsea facilities, and a gas export pipeline.
'Rosebank is an important project for Chevron and the West of Shetland
region, which holds a significant portion of the U.K.′s undeveloped oil
and gas resources,? said Brenda Dulaney, managing director, Chevron
Upstream Europe.
The Rosebank Field, discovered in 2004, is estimated to contain total
potentially recoverable oil-equivalent resources of 240 million barrels.
The Rosebank development is a joint venture between Chevron′s subsidiary
Chevron North Sea Limited with a 40 percent equity interest; Statoil
(U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG
Exploration & Production (UK) Limited (10 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.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities. 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 andchanges
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.
Chevron Corporation
Sally Jones, +44 560 109 1435 (London)
