Chevron Press Release - Chevron Awarded FERC Approval for Casotte Landing Project

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Feb. 15, 2007

Chevron Corporation (NYSE: CVX) today announced that it has received approval from the Federal Energy Regulatory Commission (FERC) to build the proposed Casotte Landing regasification facility in Jackson County, Miss., adjacent to the Chevron Pascagoula Refinery.

"This approval marks another milestone in Chevron's strategy to deliver clean-burning natural gas to markets where demand is increasing. An integral component of that strategy is securing attractive regasification capacity targeting key North American regions," Bruce Johnson, vice president Regasification Ventures, Chevron Global Gas said, "Casotte Landing provides another link in Chevron's gas network and will serve us well as supply projects come online over the next decade."

The proposed Casotte Landing project would process liquefied natural gas (LNG) for distribution to industrial, commercial and residential customers in Mississippi, Florida and the Northeast. The facility would have a nominal processing capacity of 1.3 billion cubic feet per day (Bcf/d) of natural gas, enough natural gas to provide energy to 1.6 million homes daily.

"Casotte Landing would integrate with the refinery in a way that is mutually beneficial to both operations," said Roland Kell, Pascagoula Refinery general manager. "There are many inherent synergies with locating a refinery and a natural gas import terminal together, including marine operations and closed-loop regasification. Chevron continues to develop and operate facilities with the highest safety standards."

Chevron also has contracted for 1 Bcf/d of regasification capacity at Cheniere's Sabine Pass LNG receiving terminal located in southwestern Louisiana. Construction at the facility is approximately 55 percent complete and the terminal is expected to be in operation in the second quarter of 2008, with Chevron's commitment beginning mid-2009. Together, Sabine Pass capacity and the Casotte Landing facility can be integrated into Chevron's extensive U.S. Gulf Coast pipeline, storage and terminal infrastructure.

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