SAN RAMON, Calif., July 30, 2012 – Chevron Corporation (NYSE: CVX) announced that its subsidiary will proceed with the development of the Lianzi field located in a unitized offshore zone between the Republic of Congo and the Republic of Angola.

Located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water, the Lianzi field will be developed via a tieback to the existing Benguela Belize Lobito Tomboco (BBLT) platform located in Angola Block 14.

"Lianzi is Chevron's first operated asset in the Republic of Congo and builds on Chevron's strong position in West Africa, one of the world's key hydrocarbon basins," said George Kirkland, vice chairman, Chevron Corporation.

"As the first cross-border development in the region, Lianzi represents a unique cooperative approach to shared offshore resources and may serve as a model for the development of similar cross-border fields between the two countries," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The $2.0 billion development will include a subsea production system and a 27 mile (43 km) electrically heated flowline - the first of its kind at this water depth - to transport the oil from the field to the BBLT platform. First oil is expected in 2015. Once completed, the project is expected to produce a maximum of 46,000 barrels of oil equivalent per day.

Chevron Sanctions the Lianzi Project offshore Angola and the Republic of Congo