Chevron to Spend Big in West Africa in 2007

Date: Friday, December 8, 2006

Chevron Corporation announced on December 7th, 2006 a $19.6 billion capital and exploratory spending program for 2007 representing a 20% increase from the expected one of approximately $16 billion in 2006. This is a record level of investment spending by the company according to Chairman and CEO Dave O'Reilly.

The budget for exploration, production and natural gas-related projects is estimated at $14.6 billion and will concentrate on upstream development projects, a good portion of those funds will go to projects offshore West Africa. The focus of the company will be to improve the performance of existing fields and funding new projects according to George Kirkland, Vice President of Upstream and Gas.

In Angola the company’s budget will go for the deepwater development of the Tombua Landana and the construction of liquefied natural gas LNG facilities. In Nigeria the funds will be used for the continued development of the deepwater Agbami Field as well as additional deepwater exploration. In the republic of Congo Chevron will continue with the development of the Moho-Bilondo Field.

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