Chevron Announces First Oil From Blind Faith Field in Gulf of Mexico

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Nov. 12, 2008

Chevron Corporation (NYSE: CVX) today announced that it has started crude oil production from its Blind Faith Field in the deepwater Gulf of Mexico. First oil from Blind Faith was achieved on Nov. 11, 2008. Daily production is expected to ramp up to approximately 65,000 barrels of crude oil and 55 million cubic feet of natural gas over the next three months.

Blind Faith utilizes a deep-draft semisubmersible hull located about 160 miles (250 kilometers) southeast of New Orleans, La., on Mississippi Canyon block 650. Chevron's deepest offshore production facility, Blind Faith is located in 6,500 feet (1,981 meters) of water, and with subsea systems located in 7,000 feet (2,134 meters) of water in Mississippi Canyon blocks 695 and 696.

"Blind Faith is one of several major near-term upstream projects that will allow us to grow our reserves and production," said George Kirkland, executive vice president, Global Upstream and Gas, Chevron. "It is another demonstration of how Chevron is leading the industry in the selection and execution of major capital projects."

Gary Luquette, president, Chevron North America Exploration and Production, said, "First oil from Blind Faith is another milestone in Chevron's efforts to tap the vast deepwater energy resources in the Gulf of Mexico. Chevron is the largest leaseholder in the Gulf of Mexico, where we have a robust program of exploration and production activities, especially in the deep water."

Steve Thurston, vice president, Deepwater Exploration and Projects, Chevron North America Exploration and Production, added, "The Blind Faith team delivered a world-class project that will bring on new supplies to help the nation meet its energy needs."

The Blind Faith discovery well was drilled in June 2001 and encountered more than 200 feet (61 meters) of net pay in Miocene sands at depths of 20,900 feet (6,370 meters) to 24,300 feet (7,407 meters). A successful appraisal well was drilled in 2004. The field has an estimated gross resource potential exceeding 100 million barrels of oil-equivalent. Chevron holds a 75 percent working interest in Blind Faith and is the operator, and Anadarko Petroleum Corporation (NYSE: APC) holds the remaining 25 percent working interest

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