Chevron Welcomes Australian Commonwealth Government Environmental Approval for the Gorgon Project

PERTH, Western Australia - Chevron Australia Pty Ltd today welcomed the timely approval of the Chevron-operated Gorgon Project’s revised and expanded scope by the Federal Environment Minister, the Hon. Peter Garrett AM MP.

Chevron Australia Managing Director, Roy Krzywosinski, noted the importance of the Federal Government’s announcement: "We appreciate the support shown by the Federal and State Governments as we move the Gorgon Project towards a final investment decision.

“The Gorgon Project has been deliberately sited to avoid areas of particular conservation significance and the three-train Gorgon Project will have minimal additional environmental impact when compared to the already-approved two-train Project.”

Krzywosinski added, "The Gorgon Project is globally and nationally significant with a resource base of more than 40 trillion cubic feet of gas and an estimated economic life of at least 40 years from the time of start-up.

“Furthermore, the Gorgon Project is Australia’s largest single resource project and is set to deliver significant economic benefits and create around 10,000 indirect and direct jobs during peak construction,” said Krzywosinski.

The Gorgon Project is operated by the Australian subsidiary of Chevron (50%) in joint venture with Australian subsidiaries of ExxonMobil (25%) and Shell (25%). The project’s scope includes three, five million tonne per annum LNG trains; one of the world’s largest carbon dioxide injection projects; and a domestic gas plant.

Chevron is one of the world’s leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 50 years. With the ingenuity and commitment of more than 1,400 people, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects; manages its equal one-sixth interest in the North West Shelf Venture; and operates Australia’s largest onshore oilfield on Barrow Island and the Thevenard Island oilfields. The company is also a participant in the Browse liquefied natural gas development and is a significant investor in exploration offshore northwest Australia, one of Chevron’s four global focus areas for exploration. In addition, Chevron’s Perth-based Global Technology Centre provides technology support and solutions to the company’s operations in Australia and around the world. www.ChevronAustralia.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 Australia. 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.