June 7, 2016
CHENGDU, June 7, 2016 –Chevron Corporation (NYSE: CVX) announced today that its fully-owned subsidiary Unocal East China Sea, Ltd. has commenced natural gas production from the third train at the Chuandongbei Project in southwest China.
The Chuandongbei Project is one of the largest onshore gas projects developed by an international oil company and a national oil company in China.
The first train achieved its first gas earlier this year on January 25 and the second train achieved first gas on April 7. Production of first gas from the third train marks the successful start-up of first stage development of the project. Production is planned to ramp up over coming months. The three trains have a combined design outlet capacity of 258 million cubic feet of natural gas per day. The Chuandongbei Project is estimated to contain potentially recoverable natural gas resources of 3 trillion cubic feet.
“Bringing train three online at the Chuandongbei Project is an important milestone,” said Brad Middleton, managing director, Asia South Business Unit. “It also demonstrates strong cooperation between Chevron, China National Petroleum Corporation and the Chinese government at all levels. The project is now supplying clean and affordable energy to the rapidly growing economy in southwest China and will be an important supplier for the future to local communities,
The Chuandongbei Project covers over 800 square kilometers in Sichuan Province and the Chongqing Municipality. Unocal East China Sea, Ltd. holds a 49 percent participating interest as the operator and China National Petroleum Corporation holds a 51 participating percent interest.
Chevron Corporation is one of the world’s leading integrated energy companies. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com
Nanba gas processing plant
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Some of the items discussed in this press release are forward-looking statements about Chevron. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “may,” “could,” “should,” “budgets,” “outlook,” “on schedule,” “on track,” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; the company’s ability to realize anticipated cost savings and expenditure reductions; actions of competitors; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during times of low prices for oil and natural gas; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations, net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts; other natural or human causes beyond its control; changing economic, regulatory and political environment in China; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; general domestic and international economic and political conditions; and the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.