Chevron

Approval marks important milestone ahead of a final investment decision

Press Release  •  Sep 22, 2011 05:49 EDT

SAN RAMON, Calif., Sep 22, 2011 (BUSINESS WIRE) --

Chevron Corporation (NYSE:CVX) today welcomed Australian Commonwealth
Government approval by the Federal Environment Minister, the Hon. Tony
Burke, MP, for its Wheatstone Project in Western Australia.

George Kirkland, vice chairman, Chevron Corporation, said, "We welcome
the Australian federal government's support for the Wheatstone Project.
The federal environmental approval is an important milestone in reaching
the final investment decision for the Wheatstone Project this year."

The foundation phase of the project will consist of two liquefied
natural gas (LNG) trains with a combined capacity of 8.9 million tons
per annum (MTPA) and a domestic gas plant. It is scheduled to start
production in 2016. The environmental approval allows the project
capacity to increase to 25 MTPA.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, "Wheatstone and the previously sanctioned Gorgon project
position Chevron as a major LNG operator delivering energy, jobs and
economic benefits to Australia, as well as helping to meet long-term
demand growth for cleaner burning fuel in the Asia-Pacific region."

Roy Krzywosinski, managing director, Chevron Australia, said, "The
Wheatstone Project is one of Australia's largest resource projects and
is ideally situated to process natural gas produced by Chevron-operated
permits, and third parties, from the prolific western Carnarvon basin,
one of Australia's most prospective areas for energy development."

The plant site is located in the Western Australian State Government's
Ashburton North Strategic Industrial Area, approximately 7.5 miles (12
kilometers) south of Onslow on the Pilbara coast.

The Wheatstone onshore foundation project is a joint venture between the
Australian subsidiaries of Chevron (operator 73.6%), Apache (13%),
Kuwait Foreign Petroleum Exploration Company (7%) and Shell (6.4%).

Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; 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, 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 Australia. Words such as
"anticipates," "expects," "intends," "plans," "targets," "projects,"
"believes," "seeks," "schedules," "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 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 production and
development activities due to war, accidents, political events, civil
unrest, or severe weather; government-mandated sales, divestitures,
recapitalizations and 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.

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