SAN RAMON, Calif., May 29 /PRNewswire-FirstCall/ -- Chevron Corporation
(NYSE: CVX) today announced that its affiliate Chevron Trinidad and Tobago
Resources SRL and partner BG Group have entered into a gas sales agreement
with the National Gas Company of Trinidad and Tobago Limited (NGC) for the
supply of 220 million standard cubic feet of natural gas per day for a term
of 11 years, with an option to extend for another four years. Deliveries
are expected to begin in 2009.
The natural gas is expected to be sourced from the Dolphin Field,
located approximately 52 miles off the east coast of Trinidad in the East
Coast Marine Area (ECMA). First commercial production from Dolphin began in
1996. Four new development wells are planned to provide the additional gas
to be delivered to NGC for use in the Trinidad and Tobago domestic market.
Chevron and operator British Gas each have a 50 percent working interest in
the ECMA.
"The agreement with NGC represents Chevron's continued commitment to
work with the Trinidad and Tobago government to meet the island's
increasing demand for natural gas," said Ali Moshiri, managing director for
Chevron's Latin America Business Unit and president of Chevron Trinidad and
Tobago Resources. "Chevron plans to work closely with the government to
promote additional development of Trinidad and Tobago's natural gas
reserves, its local market and further liquefied natural gas (LNG) growth
in the island."
"Chevron's resources and exploration opportunities in Latin America and
the Caribbean can allow us to expand the domestic gas market, build new
export pipelines and increase sales to the regional LNG markets. This
recent agreement is an additional step for Chevron to expand its production
in the region and monetize its resource base," added John Watson, president
of Chevron International Exploration and Production.
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 about 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
This press release of Chevron Corporation contains forward-looking
statements relating to Chevron's operations in Trinidad and Tobago that are
based on management's current expectations, estimates and projections about
the petroleum, chemicals and other energy-related industries. Words such as
"anticipates," "expects," "intends," "plans," "targets," "projects,"
"believes," "seeks," "estimates" and similar expressions are intended to
identify such forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our control and
are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news 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. U.S. Securities and Exchange Commission (SEC) rules
permit oil and gas companies to disclose only proved reserves in their
filings with the SEC. This press release contains estimates of natural gas
quantities contained in the Dolphin Field, which may not be limited to
proved reserves, and that may not be permitted to be included in
disclosures in documents filed with the SEC. U.S. investors should refer to
disclosures in Chevron's Annual Report on Form 10-K for the year ended
December 31, 2006.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Margarita Arango, Caracas, +58-212-902-5521,
or Margaret Cooper, Houston, +1-832-854-6239, both of Chevron
Corporation
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