Chevron Begins Construction on the Tahiti Field Production Facility

Chevron has begun construction of the floating production facility to be installed in the Tahiti Field which is expected to achieve first production by mid-2008. The field, located in the deepwater U.S. Gulf of Mexico approximately 190 miles south of New Orleans, will be developed from two subsea drill centers producing to a floating production facility supported by a truss spar.

Tahiti is designed to have a daily production capacity of 125,000 barrels of crude oil and 70 million cubic feet of natural gas, and will be developed in phases. The first phase of development was fully sanctioned in August 2005 by Tahiti joint venture partners Chevron, Statoil and Shell at a cost of more than $1.8 billion. Total capital costs for the project are anticipated to be approximately $3.5 billion. Chevron is the operator and holds a 58 percent working interest. Statoil holds a 25 percent interest, and Shell holds a 17 percent interest.

"Tahiti is one of Chevron's top five projects, and it demonstrates our focus on investing in the development of world class energy supplies," said George Kirkland, Chevron Corporation's executive vice president, Upstream and Gas. "It is an example of our ability to advance significant capital projects in areas where we are well positioned for future growth."

Added Ray Wilcox, Chevron's North America Exploration and Production Company president, "This project is a key asset in our expanding deepwater portfolio and is expected to add significant new crude oil and natural gas resources in the Gulf of Mexico."

Fabrication of the Tahiti hull and mooring systems is being performed by Technip at their yard in Pori, Finland. A construction milestone for the project was achieved with the first cutting of steel for the hull on October 16, one day ahead of schedule. Two days later on October 18, and one month ahead of schedule, steel cutting began for the topsides facility modules that are being fabricated by Technip subsidiary Gulf Marine Fabricators at their yard near Corpus Christi, Texas. The spar hull is expected to be delivered to the Gulf of Mexico by mid- 2007, with topsides fabrication planned to be completed in that same time frame.

One of the Gulf's largest deepwater discoveries, the Tahiti Field is in 4,000 feet of water and is believed to hold 400 million to 500 million-barrels of oil-equivalent that are potentially recoverable.


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