Acreage expands Chevron’s footprint offshore Africa
SAN RAMON, Calif.--(BUSINESS WIRE)--Jan. 22, 2013--
Chevron Corporation (NYSE:CVX) announced that its subsidiary, Chevron
Morocco Exploration Ltd, signed petroleum agreements with Morocco’s
Office National Des Hydrocarbures Et Des Mines for three offshore areas.
“We look forward to participating in exploration activities in Morocco,
which provides Chevron an opportunity to advance our growth strategy in
frontier basins,” said George Kirkland, vice chairman, Chevron
Corporation.
Once awarded, Chevron will acquire seismic data and conduct studies in
deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia
Deep located between 60 and 120 miles (100 to 200 kilometers) west and
northwest of Agadir, Morocco. The areas encompass approximately 11,300
square miles (29,200 square kilometers) with average water depths
ranging from between 330 feet to 14,700 feet (100 meters to 4500 meters).
Ali Moshiri, president, Chevron Africa and Latin America Exploration and
Production Company, said, “This is an opportunity for Chevron to expand
its already strong presence in the region and allows us to acquire
further knowledge about promising geology in an emerging area.”
Chevron Morocco Exploration Ltd has a 75 percent working interest in the
three areas, with the Office National Des Hydrocarbures Et Des Mines
holding the remaining 25 percent.
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 Morocco. 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.
Source: Chevron Corporation
Chevron Corporation
Jim Craig, +1 646-416-0191
jgzh@chevron.com
