Chevron Announces Green Light for Angola LNG Project

Project Sponsors Make Final Investment Decision on Cornerstone Project

SAN RAMON, Calif.- Chevron Corp. (NYSE: CVX) today announced that the investors in the Angola liquefied natural gas (LNG) project have agreed to move the project forward to the construction phase. Cabinda Gulf Oil Company Limited, a wholly owned subsidiary of Chevron, has a 36.4 percent interest in Angola LNG Limited, which has entered into an investment contract with the Angolan government and Sonangol to develop the project. Other Angola LNG Limited shareholders are Sonangol with 36.4 percent interest and BP and Total, each with 13.6 percent interest.

The Angola LNG project plans to commercialize dedicated Angolan natural gas resources by collecting and transporting gas located offshore Angola to an onshore liquefaction plant located in the Soyo region, Zaire Province. The project is designed to receive approximately one billion cubic feet of associated natural gas a day and produce approximately 5.2 million metric tonnes a year of LNG and related gas liquids products. It is expected to supply up to 125 million cubic feet a day of natural gas to Sonangol for domestic use in Angola.

“Chevron is pleased to participate in such a significant gas project, and this milestone underscores Chevron’s commitment to grow an internationally competitive natural gas business that provides long-term, sustainable returns,” said George Kirkland, Chevron executive vice president, upstream and gas. “Chevron’s experience in executing technically and commercially complex projects is demonstrated by the progress of Angola LNG, which will establish Angola as a competitive source of LNG to the emerging global natural gas market.”

Alan Kleier, managing director of Chevron’s Southern Africa operations, added: “Chevron has worked and been in partnership with Angola for the past 50 years, and we appreciate the government of Angola’s strong support for the project and are proud to partner with Sonangol and the other shareholders to move this project forward. The benefits of Angola LNG are broad - the project is expected to commercialize the country’s natural gas resources, facilitate more oil development and natural gas exploration and provide natural gas for domestic use to stimulate further economic development.”

First LNG from the project is anticipated in early 2012. LNG is planned to be delivered to Gulf LNG’s Clean Energy regasification terminal in Mississippi for sale in the United States.

Chevron Corporation is one of the world’s leading integrated energy companies. We have approximately 58,000 employees and operate across the entire energy spectrum - exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing 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 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, severe weather or crude-oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); government-mandated sales, divestitures, recapitalizations, 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.