SAN RAMON, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Chevron Corporation
(NYSE: CVX) announced today that its subsidiary Cabinda Gulf Oil Co. Ltd.
has commenced crude oil production from the Landana North reservoir in the
Tombua-Landana development area.
First oil from Tombua-Landana was achieved on June 20, 2006, from the
Landana North #1 subsea well that is tied back to the Benguela Belize --
Lobito Tomboco (BBLT) compliant piled tower. This tieback to BBLT allows
early production as well as the gathering of important reservoir
information.
The Tombua-Landana development, recently approved by the Block 14
contractor group and the government of Angola, will be Chevron's third
operated deepwater development offshore Angola. The 46-well project,
located 50 miles (80 kilometers) offshore in more than 1,200 feet (369
meters) of water, will employ a compliant piled tower with one subsea
center. The projected peak production from the completed development is
approximately 100,000 barrels per day by 2010.
"The exploration and production assets in Chevron's Angola portfolio
are of great importance to the company's growth strategy," said John
Watson, president of Chevron International Exploration and Production Co.
"Tombua-Landana is among more than a dozen major capital projects the
company is developing in the nation."
"This milestone underscores the continued success of new developments
and production growth in Block 14," said Jim Blackwell, Chevron's managing
director of the Southern Africa strategic business unit.
Cabinda Gulf Oil Co. Ltd. is the operator of the Block 14 contractor
group, which comprises the following companies:
Cabinda Gulf Oil Co. Ltd. (31 percent)
Sonangol Pesquisa e Producao, SARL (20 percent)
ENI Angola Exploration BV (20 percent)
Total E&P Angola (20 percent)
GALP-Exploracao e Producao (9 percent)
Chevron Corporation is one of the world's leading energy companies.
With more than 55,000 employees, Chevron subsidiaries conduct business in
over 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 prices
of, crude oil and natural gas, local political events, civil unrest,
weather and general economic 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:
San Ramon, Donald Campbell, +1-925-842-2589,
or London, Michael Barrett, +44-207-719-4463, or Luanda, Aldino
Amado, +244-222-692-600, ext. 1394, or Filomena Lisboa,
+244-222-692-600, ext. 1359, all of Chevron Corporation
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