SAN RAMON, Calif.--(BUSINESS WIRE)--May. 7, 2009--
Chevron Corporation (NYSE:CVX) today confirmed a discovery within the
Moho-Bilondo license in the Republic of the Congo.
The Moho Nord Marine-4 well, in which Chevron Overseas (Congo) Limited
holds a 31.5 percent interest, is located approximately 46 miles (75
kilometers) offshore of the Republic of the Congo, in 3,537 feet (1,078
meters) of water in the northern part of the Moho-Bilondo license.
George Kirkland, Chevron executive vice president, Global Upstream and
Gas, said, “This exciting discovery emphasizes the future potential of
this region in which Chevron and its partners have already made
significant energy investments, including the Moho-Bilondo project.”
Moho Nord Marine-4 was drilled to a total depth of 13,907 feet (4,239
meters) and proved a 535 foot (163 meter) column of high-quality oil
flowing at 8,100 barrels per day.
The discovery follows two previous successful exploration wells, Moho
Nord Marine-1 and 2, drilled in the permit area in 2007, and the
positive appraisal well Moho Nord Marine-3 in 2008.
The permit area’s deepwater Moho-Bilondo project, which began production
April 2008, consists of subsea well clusters that flow into a floating
processing unit. Maximum total daily production of 90,000 barrels of
crude oil is expected in 2010.
Chevron's partners on the permit area are Société Nationale des Pétroles
du Congo (15 percent) and Total E&P Congo (operator and 53.5 percent).
Chevron Corporation is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company’s success is driven by the ingenuity and commitment of
approximately 62,000 employees who operate across the energy spectrum.
Chevron explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; 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 and
other renewables. 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 Republic of Congo. Words such
as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,”
“believes,” “seeks,” “estimates,” “budgets” 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; timely development of the field; the potential
disruption or interruption of production and development activities due
to war, accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes
in fiscal terms or restrictions on scope of company operations; 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
Chevron Corporation
Scott Walker, +1 713-372-4923, Houston
swlk@chevron.com
