Chevron Announces Further Natural Gas Discovery Offshore Australia

Kentish Knock South-1 adds to Chevron's queue of offshore
natural gas opportunities in Australia

San Ramon, Calif. Feb. 7, 2013

Chevron Corporation (NYSE: CVX) today announced the 20th discovery off the Western Australian coast since mid-2009 by its Australian subsidiary following further drilling success in the Exmouth Plateau area, located in the prolific Carnarvon Basin, a premier hydrocarbon basin.

The Kentish Knock South-1 exploration discovery well encountered approximately 246 feet (75 meters) of net gas pay in the upper Mungaroo Sands. The well is located in the WA-365-P permit area approximately 173 miles (280 kilometres) north of Exmouth off the Western Australian coast. The well was drilled in 3,832 feet (1,168 meters) of water to a total depth of 10,056 feet (3,065 meters).

"The Asia Pacific region is key to Chevron's growth strategy and our strong Australia natural gas portfolio continues to be bolstered by our strategic approach to finding and developing resources that will help meet the growing energy needs in the region," said George Kirkland, vice chairman, Chevron Corporation.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "Kentish Knock South-1 is an important addition to our queue of high-quality offshore natural gas opportunities in Australia and further supports our long-term plans to expand our Australian LNG position."

Chevron Australia is the operator of WA-365-P with a 50 percent interest while Shell Development (Australia) holds 50 percent.

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