Chevron Announces Discovery Offshore Angola

Find Demonstrates Chevron's Ongoing Exploration Success in Prolific Block 0

SAN RAMON, Calif., August 7, 2009 - Chevron Corporation (NYSE:CVX) announced today that its affiliate, Cabinda Gulf Oil Company Limited (CABGOC) and its partners, had made a successful discovery in Block 0 located adjacent to the Cabinda coastline in Angola.

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The 79-3XST1 discovery well, drilled in March 2009 in 397 feet (120 meters) of water to a total vertical depth of 13,000 feet (3965 meters), encountered over 225 feet of net hydrocarbon pay in the Upper Pinda formation. The well was tested from a single 150 ft. perforated interval and flowed at a rate of 11.6 million cubic feet of natural gas and 2,550 barrels of liquid hydrocarbons per day.

"This discovery further demonstrates the success of Chevron's focused exploration program in growing our resource base. Our strong record of exploration discoveries in West Africa provides Chevron opportunities to successfully move energy resources forward from exploration to development to production," said George Kirkland, executive vice president, Global Upstream and Gas.

"Chevron is pleased with the discovery, and we look forward to continuing the work needed to further evaluate the find and potential development options," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The discovery extends a trend of undeveloped natural gas condensate and crude oil discoveries in the Greater Vanza Longui Area that are currently undergoing appraisal.

Chevron, through CABGOC, has a 39.2 percent interest and is the operator of the Block 0 contractor group, which also includes SONANGOL E.P. (41 percent), Total E&P (10 percent) and ENI Angola Production B.V. (9.8 percent).

Source: Chevron Corporation