Chevron Announces First Gas from Platong II Project in Gulf of Thailand
Development to boost Chevron’s natural gas production in Thailand by more than 20 percent
SAN RAMON, Calif., October 24, 2011 – Chevron Corporation (NYSE: CVX) announced today that its Thailand subsidiary has commenced natural gas production from the Platong II project in the Gulf of Thailand.
The $3.1 billion project is expected to ramp up production to 330 million cubic feet per day. The natural gas will feed growing demand for energy in Thailand, increasing the country's domestic production by more than 10 percent, and boosting Chevron's net natural gas production from the Gulf of Thailand by more than 20 percent. The project is also expected to produce 18,000 barrels per day of natural gas liquids.
One of Southeast Asia's largest offshore structures, Platong II is located in shallow water 120 miles (200 km) from the southern coastline of Thailand.
George Kirkland, vice chairman, Chevron Corporation, said, "Asia is becoming the center of global energy demand growth. Platong II is one of Chevron's many developments in the region that will allow us to supply safe, reliable, and affordable energy to meet this need."
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "Chevron's commitment to providing energy to the Kingdom of Thailand has been unwavering.
"From the start-up of the first natural gas field in the Gulf of Thailand 30 years ago, to Platong II, Chevron has worked in close partnership with the Kingdom to develop the energy industry, building a foundation for energy security and long-term economic development."
Chevron's Thailand subsidiary is operator and holds a 69.9 percent interest in Platong II, with the remaining interest held by Mitsui Oil Exploration Co. Ltd. (27.4 percent) and PTT Exploration and Production Public Co. Ltd. (2.7 percent). The development, located in shallow water 120 miles (200 kilometers) from Thailand's southern coastline, is one of Southeast Asia's largest offshore structures. New facilities, which will be connected to the current processing infrastructure at the Platong Field, include a central processing platform, pipelines, four initial wellhead platforms, and living quarters for 200 people.
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. 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 petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
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's activities in Thailand. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimates," "budgets" 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 factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; 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 production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You 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.
Posted: October 25, 2011