Chevron Awarded Deepwater Interest Offshore Sierra Leone
Concessions on trend with emerging basins in West Africa
Chevron Corporation (NYSE:CVX) announced its subsidiary Chevron (SL)
Ltd. has been awarded participation in two deepwater blocks located
offshore Sierra Leone.
'We are very pleased to have the opportunity to participate in the
Republic of Sierra Leone′s deepwater exploration efforts,' said Chevron
Vice Chairman George Kirkland. 'We have a strong presence in the region,
and this new play will capitalize on our global deepwater experience and
exploration capabilities.?
The two blocks, SL-08A and SL-08B, have been combined into one
concession and are located between 75 and 110 miles (120 and 180 km)
southwest of the capital of Freetown and cover a combined area of about
2,100 square miles (5,500 sq. km). The new blocks have average water
depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m).
'We have a strong regional interest in the geology, and we look forward
to applying our technical expertise to this emerging trend,? said Ali
Moshiri, president, Chevron Africa and Latin America Exploration and
Production.
Under the award, Chevron (SL) Ltd. will be operator with a 55 percent
interest, along with Noble Energy, Inc. (30 percent) and Odye (SL) Ltd.
(15 percent). This is before a Sierra Leone National Oil Company
optional back-in of 15 percent at final investment decision.
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 West Africa. 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
Jim Craig, +1 646-416-0191
jgzh@chevron.com
