Nigerian Development to Add to Chevron

Wednesday, March 12, 2008

At its annual analyst meeting in New York City, US major Chevron Corp. told financial analysts that it expected major projects to provide additional oil and natural gas production to its totals in 2008. The company said that major upstream capital projects in the US Gulf of Mexico, offshore Nigeria, and in Kazakhstan will all contribute to the increase. “We are focused on execution as a top priority for 2008 and 2009,” Dave O’Reilly Chevron’s Chairman and CEO said. “This entails excelling at operational performance, executing our capital projects well and effectively managing costs.”

During the meeting George Kirkland, executive vice president for Global Upstream and Gas, said a track record of exploration success and project execution is expected to grow Chevron’s production capacity and boost proved reserves of crude oil and natural gas. Some of that increase in 2008 will be coming from the Agbami development offshore Nigeria.

The Agbami development, estimated to have a final price tag of around $3.5 billion, is located on Nigeria’s block OPL 216. The Agbami Field is being developed using subsea wells tied back to an FPSO and a dry tree unit with drilling capabilities in about 1,341 meters of water. Production will flow from the dry tree unit to the FPSO for processing. The FPSO arrived in Nigeria during December 2007.

Chevron also said that during 2009 its Tombua Landana development in Angola will come online and further add to the company’s production totals.

While the developments in Nigeria and Angola will add to the company’s totals, Chevron did say that the start-ups of at least five projects have been delayed from previously released estimates, two of those projects are in West Africa, one in Nigeria and one in Angola. The Nigerian project was not mentioned by name; the delayed Angolan project is Angola LNG.

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