Chevron Announces First Oil from Tombua-Landana Project
Chevron’s success in bringing on new production continues with deepwater project in Angola
SAN RAMON, Calif. - Chevron Corporation (NYSE:CVX) announced today that its subsidiary, Cabinda Gulf Oil Company Ltd. (CABGOC) and its partners, commenced crude oil production at the Tombua-Landana project located 50 miles (80 kilometers) offshore Angola.
Located in approximately 1,200 feet (366 meters) of water in Block 14, the $3.8 billion development is expected to achieve peak production of 100,000 barrels of crude oil per day in 2011. Recoverable resources for the two fields are estimated at 350 million barrels.
“Today’s announcement further demonstrates the depth of Chevron’s upstream growth portfolio. Tombua-Landana is one of seven major projects coming online this year in which Chevron’s share of the investment is over $200 million. An additional six projects are scheduled to come onstream in 2010,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron.
The 46-well project comprises a 1,554 feet (474 meter) compliant piled tower - one of the world’s tallest manmade structures. The project is designed for zero discharge of produced water and zero routine gas flaring with associated gas to be commercialized at the Angola Liquefied Natural Gas project currently being constructed in Soyo, Angola.
“Tombua-Landana highlights our strong commitment to Angola where we are progressing more than a dozen large capital projects. Angolans comprise more than 80 percent of our in-country workforce and the Tombua-Landana project, which is our third deepwater development in Angola, successfully engaged local suppliers to complete the manufacture of key multi-million dollar project components,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production.
Chevron, through CABGOC, has a 31 percent interest and is the operator of the Block 14 contractor group which includes SONANGOL P&P (20 percent), Eni Angola Exploration B.V. (20 percent), Total E & P Angola (20 percent) and GALP Energia (9 percent). Chevron produces a total of 168,000 barrels of liquids per day from Block 14, where the company and its partners have achieved 11 exploration discoveries since 1995.
Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops 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 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 prices of, demand for and supply of crude oil and natural gas; actions of competitors; timely development of the fields; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and 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.
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 resources,” “resources,” “oil in place,” “oil-equivalent resources,” “potentially recoverable volumes,” “recoverable reserves,” and “recoverable oil,” among others, may be used in this press release or other public disclosures that are not permitted to be used in filings with the SEC.
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