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7

Subsea Projects: Chevron Calculates Future Income

Chevron Corporation announced today that major upstream capital projects in the U.S. Gulf of Mexico, offshore Nigeria and in Kazakhstan will deliver more crude oil and natural gas this year

Chevron Corporation announced today that major upstream capital projects in the U.S. Gulf of Mexico, offshore Nigeria and in Kazakhstan will deliver more crude oil and natural gas this year.

A track record of exploration success and project execution is expected to grow Chevron's production capacity and boost proved reserves of crude oil and natural gas said George Kirkland, executive vice president for Global Upstream and Gas.

The company has approximately 40 major capital projects with a net Chevron investment of $1 billion or more each. Of those, important projects – including Blind Faith in the Gulf of Mexico, the Sour Gas Injection/Second Generation Plant in Kazakhstan and Agbami in Nigeria – are planned to increase production capacity in 2008.

Kirkland also explained that the company's exploration teams had another strong year in 2007. Each year from 2002 through 2007, Chevron's exploration program has added an average of 1 billion barrels to its resource base. The 2007 success rate for exploration wells was 41 percent, comparable with Chevron's average of 42 percent over the past six years. In addition, a recently released Wood MacKenzie report cited Chevron as the leader among its peers in exploration results from 2002 to 2006.

Projects in Kazakhstan, Nigeria, Australia, Brazil, China, the United States and Angola will deliver strong reserves replacement for Chevron over the next three years.

Author: oil, gas, crude, chevron, nigeria, kazahstan, us, mexico, australia, china, us, angola