Project Sponsors Make Final Investment Decision on Cornerstone Project
SAN RAMON, Calif., Dec. 10 /PRNewswire-FirstCall/ -- Chevron Corp.
(NYSE: CVX) today announced that the investors in the Angola liquefied
natural gas (LNG) project have agreed to move the project forward to the
construction phase. Cabinda Gulf Oil Company Limited, a wholly owned
subsidiary of Chevron, has a 36.4 percent interest in Angola LNG Limited,
which has entered into an investment contract with the Angolan government
and Sonangol to develop the project. Other Angola LNG Limited shareholders
are Sonangol with 36.4 percent interest and BP and Total, each with 13.6
percent interest.
The Angola LNG project plans to commercialize dedicated Angolan natural
gas resources by collecting and transporting gas located offshore Angola to
an onshore liquefaction plant located in the Soyo region, Zaire Province.
The project is designed to receive approximately one billion cubic feet of
associated natural gas a day and produce approximately 5.2 million metric
tonnes a year of LNG and related gas liquids products. It is expected to
supply up to 125 million cubic feet a day of natural gas to Sonangol for
domestic use in Angola.
"Chevron is pleased to participate in such a significant gas project,
and this milestone underscores Chevron's commitment to grow an
internationally competitive natural gas business that provides long-term,
sustainable returns," said George Kirkland, Chevron executive vice
president, upstream and gas. "Chevron's experience in executing technically
and commercially complex projects is demonstrated by the progress of Angola
LNG, which will establish Angola as a competitive source of LNG to the
emerging global natural gas market."
Alan Kleier, managing director of Chevron's Southern Africa operations,
added: "Chevron has worked and been in partnership with Angola for the past
50 years, and we appreciate the government of Angola's strong support for
the project and are proud to partner with Sonangol and the other
shareholders to move this project forward. The benefits of Angola LNG are
broad -- the project is expected to commercialize the country's natural gas
resources, facilitate more oil development and natural gas exploration and
provide natural gas for domestic use to stimulate further economic
development."
First LNG from the project is anticipated in early 2012. LNG is planned
to be delivered to Gulf LNG's Clean Energy regasification terminal in
Mississippi for sale in the United States.
Chevron Corporation is one of the world's leading integrated energy
companies. We have approximately 58,000 employees and operate across the
entire energy spectrum -- exploring for, 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 Angola. 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; 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, 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; 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 Corp.
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Related links:
http://www.chevron.com
http://www.angolalng.com
CONTACT:
Margaret Cooper, Houston, +1-832-854-6239, or
Michael Barrett, London, +44 207 719 4463, both of Chevron Corp.
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