press release chevron announces the start of production at mafumeira sul

SAN RAMON, Calf., March 6, 2017 – Chevron Corporation (NYSE: CVX) announced today that its subsidiary, Cabinda Gulf Oil Company (CABGOC) Limited, started oil and gas production at the principal production structure of the Mafumeira Sul project offshore Angola.

"This milestone supports the priorities of the corporation in developing major oil products that provide significant value and increase production," said Jay Johnson, executive vice-president of Upstream, Chevron Corporation.

Located 15 miles (24 kilometers) offshore Cabinda province at a depth of 200 feet (60 m), Mafumeira Sul is the second development stage of the Mafumeira Field in Block 0. It has the capacity to produce 150,000 barrels of oil and 350 million cubic meters of natural gas per day. Early production from the project began in October 2016 through a temporary production system.

While the oil produced from the project will go to the company’s Malongo Terminal, the gas produced will be transported to the Angola Liquefied Natural Gas (ALNG) plant through the Congo River Canyon Crossing pipeline. The export of the gas to Angola LNG and the injection of water are scheduled to begin in the second quarter of 2017. Full production is expected to continue until 2018.

The subsidiary of Chevron, Cabinda Gulf Oil Company (CABGOC), is the operator and holds a 39.2 percent interest in Mafumeira Sul. Chevron’s partners are Sonangol E.P. (41 percent), Total (10 percent) and ENI (9.8 percent).

Chevron Corporation is one of the leading integrated energy companies in the world. Through its subsidiaries, it conducts business throughout the world. The company is involved in all phases of the energy industry. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and implements technologies that give added value to the company's operations. Chevron has its headquarters in San Ramon, California. More information about Chevron is available at www.chevron.com.