Chevron Announces First Oil From Mafumeira Norte Field in Angola

Development is Latest Achievement in Major Producing Area

SAN RAMON, Calif. - Chevron Corporation (NYSE:CVX) announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and its partners commenced crude oil production ahead of schedule from the Mafumeira Norte project located offshore Angola.

“Today’s milestone underscores Chevron’s commitment to growing its resource base in West Africa and delivering on our robust queue of major capital projects,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron.

Located in 160 feet (49 meters) of water about 15 miles (24 km) off the Angolan coastline, the Mafumeira Norte project is the first phase development of the Mafumeira Field located in Area A of Block 0. The project is being commercialized through fourteen wells to the existing Kungulo water injection platform and is expected to reach maximum total production of 30,000 barrels of crude oil and 30 million cubic feet per day of natural gas in 2011.

“Production from Mafumeira Norte is an exciting milestone for Chevron and its partners in terms of bringing new energy supplies onto the world market and providing benefits to Angola,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production.

The engineering, procurement, construction, and installation contract for the Mafumeira Norte platform was awarded to Sonamet (Lobito), a joint venture between Sonangol and Acergy, marking the first time Sonamet was awarded such a contract. The fabrication of the platform was completed at Sonamet’s Lobito yard in southern Angola.

Chevron, through CABGOC, has a 39.2 percent interest and is the operator of the Block 0 contractor group, which also comprises SONANGOL P&P (41 percent), Total (10 percent) and ENI (9.8 percent).

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 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 prices of, demand for and supply of crude oil and natural gas; actions of competitors; timely development of the field; 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.