Chevron Announces Trinidad and Tobago Gas Sales Deal

Chevron Corp. on Tuesday announced that its affiliate Chevron Trinidad and Tobago Resources SRL and partner BG Group have entered into a gas sales agreement with the National Gas Company of Trinidad and Tobago Limited (NGC) for the supply of 220 million standard cubic feet of natural gas per day for a term of 11 years, with an option to extend for another four years. Deliveries are expected to begin in 2009.

The natural gas is expected to be sourced from the Dolphin Field, located approximately 52 miles off the east coast of Trinidad in the East Coast Marine Area (ECMA). First commercial production from Dolphin began in 1996. Four new development wells are planned to provide the additional gas to be delivered to NGC for use in the Trinidad and Tobago domestic market. Chevron and operator British Gas each have a 50 percent working interest in the ECMA.

"The agreement with NGC represents Chevron's continued commitment to work with the Trinidad and Tobago government to meet the island's increasing demand for natural gas," said Ali Moshiri, managing director for Chevron's Latin America Business Unit and president of Chevron Trinidad and Tobago Resources. "Chevron plans to work closely with the government to promote additional development of Trinidad and Tobago's natural gas reserves, its local market and further liquefied natural gas (LNG) growth in the island."

"Chevron's resources and exploration opportunities in Latin America and the Caribbean can allow us to expand the domestic gas market, build new export pipelines and increase sales to the regional LNG markets. This recent agreement is an additional step for Chevron to expand its production in the region and monetize its resource base," added John Watson, president of Chevron International Exploration and Production.

Chevron Corp. is one of the world's leading energy companies. With approximately 56,000 employees, Chevron conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing, and distributing fuels and other energy products.

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