SAN RAMON, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) today announced that it expects first production
from its Tahiti project in the deepwater Gulf of Mexico by the third
quarter of 2009, approximately 12 months later than the original date that
was planned prior to the discovery of defective shackles in the facility's
mooring system.
With a recoverable resource ranging from 400 million to 500 million
barrels of oil-equivalent, the Tahiti field is believed to be one of the
Gulf's largest deepwater discoveries. The field, located approximately 190
miles south of New Orleans and in more than 4,000 feet of water, is
intended to be developed from two subsea drill centers producing to a
floating production facility supported by a truss spar. The Tahiti
facilities are designed to have a daily production capacity of 125,000
barrels of crude oil and 70 million standard cubic feet of natural gas.
The installation of Tahiti's truss spar was delayed in June 2007 when
testing revealed a metallurgical problem with the mooring shackles.
Chevron Corporation is one of the world's leading integrated energy
companies. We have approximately 58,000 employees, and our subsidiaries
conduct business in more than 180 countries. We operate across the entire
energy spectrum -- producing and transporting crude oil and natural gas;
refining, marketing and distributing fuels and other energy products and
services; manufacturing and selling petrochemical products; generating
power; and developing and commercializing the energy resources of the
future, including biofuels and other renewables. 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.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in the 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. Among the factors that
could cause actual results to differ materially are changes in demand for
and supply of crude oil and natural gas; 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, severe weather or crude-oil production quotas that might be
imposed by OPEC (Organization of Petroleum Exporting Countries);
government-mandated sales, divestitures, recapitalizations, changes in
fiscal terms or restrictions on scope of company operations; general
economic and political conditions; 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. . 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.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas
companies to disclose only proved reserves in their filings with the SEC.
Certain terms, such as "recoverable resource," among others, may be used in
this press release that are not permitted to be used in the company's
filings with the SEC. Investors should refer to disclosures contained 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:
Mickey Driver of Chevron Corporation,
+1-832-854-6640
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