Deepwater African Offshore Project Sanctioned by Chevron

Press Release August 2, 2012

Chevron Corp. announce its subsidiary will develop Lianzi field in the Republics of Congo & Angola untized offshore zone.

The field is located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water. The $2 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 up to 46,000 barrels of oil equivalent per day.

Chevron Overseas Congo Limited is operator of the Lianzi field with a 31.25% interest, along with Total (36.75%), ENI (10%), Sonangol (10%), SNPC (7.5%) and GALP (4.5%).