SAN RAMON, Calif., Sept 12, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Chevron Corporation's (NYSE: CVX) local affiliate company in Venezuela has been awarded the exploration license for the Cardon III exploration block, located offshore western Venezuela. The Cardon III block was one of seven blocks offered by the Venezuelan Ministry of Energy and Mines in the Rafael Urdaneta bid round. The block is located in an offshore region with natural gas potential on trend to the north of the prolific Maracaibo producing region.
John Watson, president of Chevron International Exploration and Production Co., stated, "We are pleased with the results of this bid round and we look forward to starting exploration activities. The award of the Cardon III block is aligned with our company's global gas strategy to seek new opportunities that can provide gas to local or export markets." Watson also noted that the company has acquired an exploration block in each of the last three exploration bid rounds offered by Venezuela.
Ali Moshiri, president of Chevron Latin America Upstream, emphasized the possible regional implications of acquiring the new block. "The award of the Cardon III license supports our regional Caribbean gas strategy that includes gas resources in Trinidad and Tobago, Colombia, and Venezuela. We are committed to growing our business in Venezuela and developing the regional infrastructure for natural gas required for both local industrial and power demands."
Chevron previously acquired a 60 percent interest in Plataforma Deltana Block 2 and holds a 100 percent interest in Plataforma Deltana Block 3, where the company has drilled a series of successful gas exploration wells.
Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on the company is available at www.chevron.com.
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Some of the items discussed in this press release contain forward-looking statements about Chevron's natural gas strategy in Venezuela and the Caribbean region. 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. 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.
Editor's note: Chevron activities in Venezuela include exploration, production, commercialization and marketing projects. Besides Plataforma Deltana Block 2 project, which the company operates with ConocoPhillips and PDVSA and Block 3; Chevron operates the Boscan and LL652 fields in western Venezuela; and holds a 30% share in the Hamaca Project, one of the four heavy oil associations in the prolific Orinoco Belt. It also has a national network of 84 Texaco service stations, commercializes lubricants for vehicles and industrial clients and distributes jet fuel at the Arturo Michelena International Airport in Valencia. Through Chevron Oronite Latin America, the company holds a strategic alliance with Deltaven (a PDVSA subsidiary) in order to supply 80% of requirements for lubricant additives to Deltaven. Chevron headquarters for Latin America are located in Caracas and a high percentage of its personnel in Venezuela is formed by Venezuelan citizens who support the company operations all across the region.
SOURCE Chevron Corporation