Chevron Announces First Oil Production From Landana Field, Deepwater Block 14, Angola

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Nov. 8, 2006

Chevron Corporation (NYSE: CVX) announced today that its subsidiary Cabinda Gulf Oil Co. Ltd. has commenced crude oil production from the Landana North reservoir in the Tombua-Landana development area.

First oil from Tombua-Landana was achieved on June 20, 2006, from the Landana North #1 subsea well that is tied back to the Benguela Belize – Lobito Tomboco (BBLT) compliant piled tower. This tieback to BBLT allows early production as well as the gathering of important reservoir information.

The Tombua-Landana development, recently approved by the Block 14 contractor group and the government of Angola, will be Chevron's third operated deepwater development offshore Angola. The 46-well project, located 50 miles (80 kilometers) offshore in more than 1,200 feet (369 meters) of water, will employ a compliant piled tower with one subsea center. The projected peak production from the completed development is approximately 100,000 barrels per day by 2010.

"The exploration and production assets in Chevron's Angola portfolio are of great importance to the company's growth strategy," said John Watson, president of Chevron International Exploration and Production Co. "Tombua-Landana is among more than a dozen major capital projects the company is developing in the nation."

"This milestone underscores the continued success of new developments and production growth in Block 14," said Jim Blackwell, Chevron's managing director of the Southern Africa strategic business unit.

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