Chevron Acquires Blocks Offshore New Zealand

SAN RAMON, CALIF.--(Business Wire / Korea Newswire)--Chevron New Zealand Exploration Ltd., a Chevron Corporation subsidiary, today announced it has been granted exploration rights to three blocks located offshore New Zealand, in a frontier basin with water depths ranging from 2,600 feet (800 m) to 9,800 feet (3,000 m).

“This award adds to Chevron’s range of potential long-term options in the Asia-Pacific region,” said Melody Meyer, president of Chevron Asia Pacific Exploration and Production Company. “Chevron’s approach to this project will be guided by our commitment to maintain the highest environmental and safety standards.”

The three petroleum exploration permits - 57083, 57085 and 57087 - in the offshore Pegasus and East Coast basins, cover more than 6.26 million acres (25,300 sq. km), and are located southeast of North Island. Chevron New Zealand Exploration Ltd. will be the operator of the blocks with a 50 percent working interest. Statoil will hold the remaining 50 percent interest.

Chevron has operated in the downstream sector of New Zealand for more than 90 years, and plans to continue to build on these relationships with communities and government.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, California. 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 New Zealand. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,” “outlook” 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 important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader 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.

Website: http://www.chevron.com

This is a news release distributed by Korea Newswire on behalf of this company.