Chevron Awarded Deepwater Interest Offshore Sierra Leone

Concessions on trend with emerging basins in West Africa

San Ramon, Calif. - Sep. 26, 2012

Chevron Corporation (NYSE:CVX) announced its subsidiary Chevron (SL) Ltd. has been awarded participation in two deepwater blocks located offshore Sierra Leone.

"We are very pleased to have the opportunity to participate in the Republic of Sierra Leone's deepwater exploration efforts," said Chevron Vice Chairman George Kirkland. "We have a strong presence in the region, and this new play will capitalize on our global deepwater experience and exploration capabilities."

The two blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). The new blocks have average water depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m).

"We have a strong regional interest in the geology, and we look forward to applying our technical expertise to this emerging trend," said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production.

Under the award, Chevron (SL) Ltd. will be operator with a 55 percent interest, along with Noble Energy, Inc. (30 percent) and Odye (SL) Ltd. (15 percent). This is before a Sierra Leone National Oil Company optional back-in of 15 percent at final investment decision.

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, Calif. More information about Chevron is available at www.chevron.com.

Chevron Corporation press release