Project Slated to Be a Leading Supplier of Gas
SAN RAMON, Calif. and DHAKA, Bangladesh, March 18
/PRNewswire-FirstCall/ -- Chevron Corporation (NYSE: CVX) today announced
the inauguration of the Bibiyana natural gas field, which is located
onshore in Block 12 in the northeast of Bangladesh in Habiganj District.
Bibiyana, one of the largest gas fields in Bangladesh, is expected to
initially produce 200 million cubic feet of natural gas per day (mmcfd).
The plant's full capacity of 600 mmcfd is scheduled to be available by late
2007, with the field reaching maximum total production of 500 mmcfd by
2010. Once full production is realized, Bibiyana is set to become the
largest producing gas field in the country.
Speaking during the inauguration ceremony at the Bibiyana field, John
Watson, president, Chevron International Exploration & Production, said,
"Achieving first gas at Bibiyana is a significant milestone for Chevron and
demonstrates the company's ability to select and execute major capital
projects.
"Bibiyana is a world-class gas resource that is expected to supply
reliable, clean energy for the next 20 to 30 years," he said.
The project includes 12 development wells, a gas plant, a natural gas
pipeline and a condensate pipe line. The company has signed a gas purchase
and sales agreement with Petrobangla, the state owned oil and gas company.
Managing Director and President of Chevron Bangladesh Andrew Fawthrop
said, "The Bibiyana project was a huge undertaking that demonstrates our
ability to bring online technically complex projects in challenging
circumstances. We extend our gratitude to our employees, the government,
Petrobangla, local contractors and the community for working with us to
reach this landmark achievement.
"Chevron is proud of our record at Bibiyana, where Bangladeshi
contractors have performed more than 10 million man hours of
project-related civil works, pipeline and gas plant construction without
any major incident. At peak construction, the project employed more than
2,000 Bangladeshi workers through Bangladeshi contractors," said Fawthrop.
Chevron holds interests in three production sharing contracts in
Bangladesh, encompassing more than 10,000 square kilometres (2.47 million
acres). Chevron Bangladesh has a 98 percent working interest in Bibiyana,
Jalalabad and Moulavi Bazar fields, with the latter two fields having a
combined average total production of 330 mmcfd. Chevron also has a 43
percent interest in Block 7 in southern Bangladesh where the company
conducted seismic survey in 2006.
The Bibiyana inauguration event was attended by Dr. Fakhruddin Ahmed,
the Honorable Chief Adviser of the Caretaker Government; Tapan Chowdhury,
Power and Energy Adviser; Patricia A. Butenis, U.S. Ambassador to
Bangladesh; A.M.M. Nasir Uddin, Secretary, Energy & Mineral Resources
Division; John Watson, President, Chevron International Exploration &
Production; and Andrew Fawthrop, Managing Director and President of Chevron
Bangladesh.
Chevron Corporation is one of the world's leading energy companies.
With approximately 56,000 employees, Chevron conducts business in
approximately 180 countries around the world, producing and transporting
crude oil and natural gas, and refining, marketing and distributing fuels
and other energy products. Chevron is based in San Ramon, Calif. More
information on Chevron is available at http://www.chevron.com.
Cautionary Statement 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's activities in Angola. Words such as
"anticipates," "expects," "intends," "plans," "targets," "projects,"
"believes," "seeks," "estimates" 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 factors that could cause
actual results to differ materially are changes in demand for and supply of
crude oil and natural gas; results of additional testing; selection and
successful execution of development plans; actions of competitors; the
potential disruption or interruption of project activities due to war,
accidents, political events, civil unrest or severe weather; and general
economic and political conditions. You 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.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com/
CONTACT:
Nicole Hodgson, Bangkok, +66-2545-6061, or
Donald Campbell, San Ramon, +1-925-842-2589, both of Chevron
Corporation
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