SAN RAMON, Calif., Dec 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Chevron Global Gas, a unit of Chevron Corporation (NYSE: CVX), today announced it has exercised its option to increase capacity at Cheniere Energy Incorporated's Sabine Pass Liquefied Natural Gas (LNG) terminal from approximately 0.7 billion cubic feet per day (bcf/d) to 1.0 bcf/d, pursuant to its original agreement signed with Cheniere in 2004.
"This increase in capacity will allow Chevron to be able to provide the market access to facilitate the commercialization of our global natural gas resources and be able to provide more reliable energy supplies to the United States market," said John Gass, president of Chevron Global Gas.
Permits for the terminal's initial full capacity of 2.6 bcf/d were received in December 2004 and construction started in March 2005.
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 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 the effects of the transportation agreements on Chevron's natural gas strategy. Words such as expected, planned 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 unknown or unexpected problems in the resumption of operations affected by Hurricanes Katrina and Rita and other severe weather in the Gulf of Mexico; changes in the demand for and supply of crude oil and natural gas; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; inability or failure of the company's joint- venture partners to fund their share of project expenditures; and general economic and political conditions. You 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