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 November 2, 2015 - 8:30 AM EST
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Chevron Announces First Production from the Lianzi Development Offshore the Republic of Congo and Angola

Cross-border project expected to produce an average of 40,000 barrels of oil per day

Chevron Corporation (NYSE:CVX) announced today that its subsidiary, Chevron Overseas (Congo) Limited, has commenced oil and gas production from the Lianzi Field, located in a unitized offshore zone between the Republic of Congo and the Republic of Angola.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151102005443/en/

Located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water, Lianzi is Chevron’s first operated asset in the Republic of Congo and the first cross-border oil development project offshore Central Africa. The project is expected to produce an average of 40,000 barrels of crude oil per day.

“This milestone demonstrates that we continue to make steady progress on delivering major development projects,” said Jay Johnson, executive vice president Upstream, Chevron Corporation. “We have the industry’s strongest queue of major capital projects that are expected deliver significant value and production growth.”

“As the first offshore energy development spanning national boundaries in the Central Africa region, Lianzi represents a unique cooperative approach to share offshore resources and may serve as a model for the development of similar cross-border fields between two countries,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The field, discovered in 2004, includes a subsea production system and a 27 mile (43 km) electrically heated flowline system, the first of its kind at this water depth. The system transports the oil from the field to the Benguela Belize–Lobito Tomboco platform in Angola’s Block 14 and utilizes a Direct Electrical Heating (DEH) system to ensure fluid flow under a wide range of conditions.

Chevron Overseas (Congo) Limited is operator of the Lianzi Field and has a 15.75 percent interest, along with its affiliate Cabinda Gulf Oil Company Limited (15.5 percent), Total E&P Congo (26.75 percent), Angola Block 14 BV (10 percent), Eni (10 percent), Sonangol P&P (10 percent), SNPC (the Republic of Congo National Oil Company - 7.5 percent), and GALP (4.5 percent).

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

NOTICE

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Some of the items discussed in this press release are forward-looking statements about Chevron. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," “schedules,” “estimates,” "schedules," "estimates," "may," "could," “should,” "budgets," "outlook" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; the company’s ability to realize anticipated cost savings and expenditure reductions; actions of competitors; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's business, net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Chevron
Isabel Ordóñez, +1-713-372-1841
Houston


Source: Business Wire (November 2, 2015 - 8:30 AM EST)

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