Chevron’s Success in Bringing on New Production Continues With
Deepwater Project in Angola
SAN RAMON, Calif.--(BUSINESS WIRE)--Sep. 9, 2009--
Chevron Corporation (NYSE:CVX) announced today that its subsidiary,
Cabinda Gulf Oil Company Ltd. (CABGOC) and its partners, commenced crude
oil production at the Tombua-Landana
project located 50 miles (80 kilometers) offshore Angola.
Located in approximately 1,200 feet (366 meters) of water in Block 14,
the $3.8 billion development is expected to achieve peak production of
100,000 barrels of crude oil per day in 2011. Recoverable resources for
the two fields are estimated at 350 million barrels.
“Today’s announcement further demonstrates the depth of Chevron’s
upstream growth portfolio. Tombua-Landana is one of seven major projects
coming online this year in which Chevron’s share of the investment is
over $200 million. An additional six projects are scheduled to come
onstream in 2010,” said George Kirkland, executive vice president,
Global Upstream and Gas, Chevron.
The 46-well project comprises a 1,554 feet (474 meter) compliant piled
tower – one of the world’s tallest manmade structures. The project is
designed for zero discharge of produced water and zero routine gas
flaring with associated gas to be commercialized at the Angola Liquefied
Natural Gas project currently being constructed in Soyo, Angola.
“Tombua-Landana highlights our strong commitment to Angola where we are
progressing more than a dozen large capital projects. Angolans comprise
more than 80 percent of our in-country workforce and the Tombua-Landana
project, which is our third deepwater development in Angola,
successfully engaged local suppliers to complete the manufacture of key
multi-million dollar project components," said Ali Moshiri, president of
Chevron Africa and Latin America Exploration and Production.
Chevron, through CABGOC, has a 31 percent interest and is the operator
of the Block 14 contractor group which includes SONANGOL P&P (20
percent), Eni Angola Exploration B.V. (20 percent), Total E & P Angola
(20 percent) and GALP Energia (9 percent). Chevron produces a total of
168,000 barrels of liquids per day from Block 14, where the company and
its partners have achieved 11 exploration discoveries since 1995.
Video of the Tombua Landana project can be found at: www.bit.ly/vA0jo
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 Angola. 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 fields; 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.
U.S. Securities and Exchange Commission (SEC) rules permit oil and
gas companies to disclose only proved reserves in their filings with the
SEC. Certain terms, such as “recoverable resources,” “resources,” “oil
in place,” “oil-equivalent resources,” “potentially recoverable
volumes,” “recoverable reserves,” and “recoverable oil,” among others,
may be used in this press release or other public disclosures that are
not permitted to be used in filings with the SEC.
Source: Chevron Corporation
Chevron Corporation
Scott Walker, +1-713-372-4923 or +1-281-221-5765
swlk@chevron.com
