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New Office in Monrovia Provides Base to Further Advance Chevron's Energy Interests in Liberia

Chevron progressing offshore drilling program and new socio-economic initiative

 

MONROVIA, Liberia, March 10, 2011 - Chevron Liberia today announced at the opening of its new offices in Monrovia that the company remains on target to commence drilling its first ever Liberian deepwater exploration well later this year and that work on multiple new local community development projects are advancing as part of the Chevron-Liberia Economic Development Initiative established six months ago.

"The new offices will draw together the range of efforts we have been progressing in Liberia since acquiring three deepwater blocks in September last year," said Karl Cottrell, Chevron Liberia's Country Manager. "We are on track to drill our first deepwater exploration well during the fourth quarter this year and continue to build local synergies with government, non-government organizations, donor institutes and the local community to identify and deliver early and much needed results from our social investment commitments."

Chevron is currently recruiting in Liberia to help staff the company's new office and support progress of Chevron's activities in the country. In parallel with completing the planning and logistics required to drill one of Liberia's first offshore exploration wells in 25 years, Chevron is implementing the first tranche of projects from the five-year Chevron-Liberia Economic Development Initiative (C-LED) aimed at delivering education, enterprise development and health programs that benefit women, children and youth.

"C-LED, which is aligned with the themes of the Government of Liberia's Poverty Reduction Strategy and the 'Lift Liberia' campaign, has already initiated 13 early projects directed primarily towards the much needed rehabilitation of infrastructure and the provision of equipment," said Nadeem Anwar, Chevron's Manager, Community Engagement.

At Monrovia's Redemption Hospital a 150-kilovolt generator is now providing 24-hour electricity to the hospital, keeping its operating rooms lighted, allowing medical equipment to operate and providing air conditioning. A 32 seat staff commuter bus is helping to streamline changes of hospital shifts, handovers and attendance of the staff.
"We appreciate Chevron's assistance to help improve patient care and boost the employees' morale," said Tobias Bowen,

Redemption Hospital administrator.

Additional early C-LED programs include:
  • John F Kennedy Hospital's Children Under Five Head Start Program.
  • Construction of water and latrines facilities in more than 40 communities in Monrovia
  • Upgrade to facilities at three women's markets located at Parker Corner, Battery Factory and Arm-Bush Curve;
  • A fully furnished computer lab for vocational training at the Booker Washington Institute;
  • Sports infrastructure and sports training;
  • A generator for Grant Mari Mental Hospital; and
  • Funding for two community radio stations at Gbarnga and Ganta.
  • We continue to work closely with the relevant government ministries and a range of development organizations such as the Liberia Agency for Community Empowerment to progress our commitments to Liberia. We look forward to communicating our progress as we move forward," said Mr. Cottrell.

Chevron 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 its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company 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 bio-fuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

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Contact: Chevron Liberia on +231-0-76544389;
Scott Walker, Houston -- +1 713 372 4923; +1 281 221 5765; swlk@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 operations in West Africa. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "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. 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.

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