SAN RAMON, Calif., June 28 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) today announced its $3.5 billion Tahiti project in
the Gulf of Mexico will face delays because of metallurgical problems
discovered in the facility's mooring shackles. Initial quality control
testing of the existing shackles did not identify a problem. Additional
testing was ordered after Chevron's contractor discovered a metallurgical
problem with shackles on a similar installation for another company.
Metallurgical problems were subsequently discovered in the Tahiti shackles
as well.
To ensure the facility's safety and reliability, Chevron has begun the
process to order new shackles and plan their installation. Steel shackles
are used to connect various components of a mooring line together. Mooring
lines connect the spar to anchors (pilings) on the sea floor. The shackles
are not part of the spar hull, so this issue does not impact the spar's
integrity.
Tahiti is an energy project located in the deepwater Gulf of Mexico,
about 140 miles offshore and 190 miles south of New Orleans. It was
scheduled for completion in mid-2008. Major components of the project are
nearing completion and work on their installation is expected to continue
once timing for new shackles is determined.
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 U.S. Gulf of Mexico. Words such as
"anticipates," "expects," "intends," "plans," "targets," "projects,"
"believes," "seeks," "estimates," "budgets" 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. 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.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are the ability of
the company to secure replacement parts at commercially reasonable prices
in a timely manner, the ability of the company's contractor to install such
parts in the time frame required by the company, potential disruption or
interruption of the project due to accidents or severe weather and the
factors set forth under the heading "Risk Factors" on pages 31 and 32 of
the company's 2006 Annual Report on Form 10-K.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Mickey Driver of Chevron Corporation,
Houston, +1-832-854-6640, mickeydriver@chevron.com
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