Chevron Announces First Oil Production From Landana Field, Deepwater Block 14, Angola

SAN RAMON, Calif., Nov. 8, 2006 -- 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:

Company Percent
Cabindan Gulf Oil Co. Ltd. 31 percent
Sonangol Pesquisa e Produção, SARL. 20 percent
ENI Angola Exploration BV 20 percent
Total E&P Angola 20 percent
GALP-Exploração e Produção 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 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.

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View map of Landana Field: www.chevron.com/news/press/2006/2006-11-08_popup.asp

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