Chevron to Expand Bangladesh Natural Gas Project
Production capacity at Bibiyana to increase by 300 million cubic feet
per day
Chevron Corporation (NYSE: CVX) today announced that its subsidiary will
proceed with the expansion of its Bibiyana natural gas field in
north-west Bangladesh.
The new project will include expansion of the gas plant to process
increased natural gas volumes from the Bibiyana Field, additional
development wells, and an enhanced gas liquids recovery unit. The
project is estimated to cost approximately $500 million and is expected
to boost Chevron′s total natural gas production capacity in Bangladesh
by more than 300 million cubic feet per day to 1.4 billion cubic feet
per day, and 4,000 barrels per day of natural gas liquids. First
production is expected in 2014.
George Kirkland, vice chairman, Chevron Corporation, said, 'As the
largest holder of natural gas resources in Asia-Pacific among our peers,
this investment in Bangladesh further strengthens our regional portfolio
of major gas projects and enhances our position as a leading supplier in
the Asia Pacific region.?
Melody Meyer, president, Chevron Asia Pacific Exploration and
Production, said, 'Bibiyana is the largest producing gas field in
Bangladesh and a leading example of how technology, investment, and
expertise can assist countries to utilize domestic resources to secure
reliable, cleaner-burning, and affordable sources of energy.?
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 Bangladesh. 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.
Chevron Corporation
Alex Yelland, +62 812 1265328 (Singapore)
