Chevron Wins Barents Sea Exploration Rights

Chevron's Norwegian subsidiary Chevron Norge AS has successfully bid for the exploration rights in six blocks awarded in the 19th Norwegian Licensing Round.

The blocks are located in the Nordkapp East Basin in the Norwegian Barents Sea, approximately 155 miles (250 kilometers) north of the coast of Finnmark, in 800 feet (250 meters) of water. Chevron has received a 40 percent equity interest in the PL 397 license, Blocks 7230/2, 3, 4, 5, 6 and 7231/4. The other partners in the blocks are Statoil ASA (40 percent equity interest and operator) and RWE Dea Norge AS (20 percent equity interest).

John Watson, Chevron International Exploration and Production president, said, "Our successful bid for this exploration acreage reflects Chevron's intention to pursue attractive growth opportunities in the region and furthers our strategy to achieve superior exploration success from a focused, high- impact exploration program."

Added Rick Cohagan, Chevron Upstream Europe's managing director, "We are very pleased with our success in acquiring this equity, Chevron's first acreage in the Barents Sea, and we look forward to working with our partners to address this challenging, high-potential area."

The license was applied for jointly with Statoil ASA under a long-term Area of Mutual Interest (AMI) agreement signed between Chevron and Statoil in November 2005.

"The agreement complements the strengths of both companies -- Chevron's global exploration experience, particularly its seismic imaging capability -- and Statoil's significant regional knowledge and long-term operational experience in the Barents Sea," said Cohagan.

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