Joint agreement expands company’s opportunity set in West Africa

SAN RAMON, Calif.--(BUSINESS WIRE)--Feb. 4, 2015-- Chevron Corporation (NYSE:CVX) today announced that its wholly-owned subsidiary Chevron Mauritania Exploration Limited has reached an agreement to acquire a 30 percent non-operated working interest in Blocks C8, C12 and C13 offshore Mauritania from Kosmos Energy. The transaction is subject to the approval of Mauritania’s government.

Blocks C8, C12 and C13 cover a contiguous area of approximately 6.6 million gross acres in water depths ranging between 5,249 feet (1,600 meters) and 9,842 feet (3,000 meters).

Under the agreement, Kosmos Energy retains a 60 percent interest and remains the operator. Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM), Mauritania’s national oil company, will continue to have a 10 percent interest. Following any commercial discovery after the exploration phase, Chevron will become the operator maintaining a 30 percent working 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; 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 Africa. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules, " "estimates," “may,” “could,” "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 factors that could cause actual results to differ materially 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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Source: Chevron Corporation

Chevron Corporation
Isabel Ordóñez, Houston, +1 713-372-1841