Chevron Announces Significant Oil Discovery Offshore Angola

SAN RAMON, Calif., Jan. 26, 2007 -- Chevron Corporation (NYSE: CVX) announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and partners achieved a significant oil discovery in deepwater Block 14, offshore Angola.

The discovery well, Lucapa-1, was drilled in October 2006 in 3,940 feet (1,201 meters) of water to a total vertical depth of 10,958 feet (3,340 meters) and encountered more than 280 net feet (85 net meters) of oil in Miocene-age sands. The well was tested in November at commercial rates from high- permeability sand in the main target area. The discovery will be followed by further drilling in addition to geologic and engineering studies to appraise the field and assess its potential reserves.

The Lucapa discovery is the 10th exploration discovery made in Block 14 since 1997.

“This important discovery underscores the value of focusing Chevron’s exploration program on high-impact opportunities,” said John Watson, president of Chevron International Exploration and Production. “Our continued exploratory success in Angola, combined with our commitment to developing these resources, offers great prospect for increasing Angola’s oil-producing capacity.”

Jim Blackwell, managing director of the Southern Africa Strategic Business Unit, said, “The Lucapa discovery further confirms our confidence in the world-class hydrocarbon resources in Angola. We look forward to continuing the work needed to commercialize this newly discovered resource base, which is important to Chevron’s growth strategy.”

Chevron is among the largest producers of energy in Angola, and is operator in Blocks 0 and 14, which generate more than 500,000 barrels of oil-equivalent daily gross production. Among the major projects under development is the Benguela Belize-Lobito Tomboco (BBLT) project in Block 14, which started-up in January 2006. This $2.3 billion project, when fully developed, will produce an estimated total daily maximum of 200,000 barrels of crude oil in 2008. In June 2006, Chevron achieved first oil from the Landana North reservoir in the Tombua-Landana development area of Block 14 by producing through the BBLT facility. When fully developed, Tombua-Landana is expected to achieve peak production of approximately 100,000 barrels of crude oil per day by 2010 through its own facility.

Chevron Corporation is one of the world’s leading energy companies. With more than 55,000 employees, Chevron subsidiaries conduct business in approximately 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.

Cabinda Gulf Oil Co. Limited, with 31 percent, is the operator of the Block 14 contractor group, which also comprises the following companies:

Company 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

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 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 or severe weather; 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.

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