Chevron Awarded Rights to Develop New Venezuelan Energy Project

Chevron Corporation (NYSE:CVX) today announced that a consortium led by its Venezuelan subsidiary has been selected to negotiate its participation in a project composed of three blocks in the Orinoco Oil Belt (Faja) of eastern Venezuela.

“We look forward to being part of this new opportunity that will expand development of one of the world’s largest known hydrocarbon resources,” said Chevron Vice Chairman George Kirkland.

Situated in the eastern area of the Faja, approximately 40 miles (65 kilometers) to the northeast of the city of Puerto Ordaz, the three blocks have a combined area of 215 square miles (557 square kilometers).

“We are pleased with today’s announcement and the prospect of negotiating an opportunity to expand our partnership with Petróleos de Venezuela S.A. (PDVSA) and the Venezuelan communities,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Co. “Chevron’s growing presence in Latin America’s resource-rich basins highlights the company’s ability to fully integrate our experience and technology into the successful development of large, complex projects.”

It is expected the consortium of Chevron, INPEX Corporation, Mitsubishi Corporation and Suelopetrol will hold a combined 40 percent interest in the empresa mixta (joint company). PDVSA will hold the remaining 60 percent interest.

In Venezuela, Chevron currently holds a joint venture interest in PetroPiar, an integrated extra-heavy oil project in the Faja; joint venture interests in PetroBoscan and PetroIndependiente; joint venture participation in Plataforma Deltana Blocks 2 and 3 to produce natural gas; and an interest in Venezuela’s first liquefied natural gas project, which is currently under evaluation. Chevron also operates the offshore Cardon III block north of Lake Maracaibo in the Gulf of Venezuela.

Chevron is a leading heavy oil producer and has broad capabilities within its portfolio of specialized technologies. It is a world leader in thermal enhanced oil recovery and has a global network of research and development in heavy oil refining, conversion and upgrading. It currently produces heavy oil in Brazil, California, Indonesia, the U.K. North Sea, and the Partitioned Zone between Saudi Arabia and Kuwait, and operates a Heavy Oil Center of Expertise in California.

Chevron Corporation 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 approximately 62,000 employees who operate across the energy spectrum. Chevron 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 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 Venezuela. 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 prices of, demand for and supply of crude oil and natural gas; actions of competitors; continued development of the field; 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.