Chevron Upstream Europe

Chevron Upstream Europe

November 18, 2005 09:59 ET

Chevron Norge AS and Statoil ASA - Co-operation for Exploration in the Norwegian Barents Sea

OSLO, NORWAY--(CCNMatthews - Nov. 18, 2005) - Chevron Norge AS, part of Chevron Upstream Europe, and Statoil ASA have entered into a long-term Area of Mutual Interest (AMI) agreement regarding exploration in the Barents Sea.

This cooperative agreement brings together a set of unique technical capabilities in a way that will complement the strengths of both companies. Bringing Chevron's global exploration experience, particularly its seismic imaging capability, together with Statoil's significant regional knowledge of and long term operational experience in the Barents Sea will allow the two companies to address one of the world's most technically challenging areas. The companies also have complementary competencies in LNG (liquefied natural gas) technology, with Statoil's unique experience of Arctic LNG development bringing potential benefits to the endeavour.

Gary Luquette, President and Managing Director for Chevron Upstream Europe, said: "We are delighted to join with a company such as Statoil that has proven capabilities in Arctic waters. This agreement is an exciting opportunity to position Chevron for growth in the region and also supports our company's continued commitment to pursue high-impact opportunities around the world."

"We regard this agreement as an exciting opportunity to further develop our technology for exploring and developing the Barents Sea," said Tim Dodson, Statoil's Senior Vice President for Norwegian Continental Shelf exploration.

The first action under the AMI was a joint application for acreage in the recent Norwegian 19th Licensing Round. This agreement will form the basis for further collaborative projects in future Licensing Rounds.

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Notes to Editor:

Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct 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. Chevron is based in San Ramon, California, USA. More information on the company is available at www.chevron.com.

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