Chevron Announces First Oil From Tombua-Landana Project

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September 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.

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