Chevron Welcomes Western Australian Government Environmental Approval for Wheatstone
PERTH, Western Australia, 31 August 2011 – Chevron Australia Pty Ltd today welcomed environmental approval of the Chevron-operated Wheatstone Project by the Western Australian Minister for the Environment, The Honourable Bill Marmion, MLA.
Roy Krzywosinski, managing director, Chevron Australia, said, “We welcome State Government environmental approval for the Wheatstone Project and we look forward to a timely environmental approval from the Federal government.”
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “The Wheatstone Project is set to become one of Australia’s largest resource projects delivering energy, jobs and economic benefits to Australia.”
Chevron is seeking approval for a 25 million tonnes per annum (MTPA) liquefied natural gas (LNG) and domestic gas plant, along with associated offshore infrastructure.
The foundation phase of the project will consist of two LNG trains with a combined capacity of 8.9 MTPA and a domestic gas plant. A final investment decision on the project is expected in 2011.
The environmental assessment for the Wheatstone Project is the result of extensive research, engagement with communities and government agencies, and contributions from independent experts.
The plant site is located in the Western Australian State Government’s Ashburton North Strategic Industrial Area, approximately 12 kilometres south of Onslow on the Pilbara coast.
The Wheatstone onshore foundation project is a joint venture between the Australian subsidiaries of Chevron (73.6%), Apache (13%), Kuwait Foreign Petroleum Exploration Company (7%) and Shell (6.4%).
Chevron Australia is a significant investor in exploration offshore northwest Australia, leads the development of the Gorgon and Wheatstone natural gas projects, operates Australia’s largest onshore oilfield on Barrow Island, as well as the Thevenard Island oilfields. The company also manages its equal one-sixth interest in the North West Shelf Venture and is a participant in the Browse liquefied natural gas development in Western Australia. www.chevronaustralia.com
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release of Chevron Corporation contains forward-looking statements relating to Chevron’s operations in Australia that are based on management’s current expectations, estimates and projections about the petroleum, chemicals, and other energy-related industries. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,” “will supply,” “will be supplied” and similar expressions are intended to identify such forward-looking statements. These statements 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. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. 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.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude-oil and natural-gas prices; refining, marketing and chemicals margins; actions of competitors or regulators; the competitiveness of alternate-energy sources or product substitutes; technological developments; 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 due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries (OPEC); the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or disposition of assets; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign-currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 30 and 31 of the company’s 2008 Annual Report on Form 10-K. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as “total resource base,” “resource replacement,” “long-term reserves,” among others, may be used in this press release to describe certain oil and gas properties that are not permitted to be used in filings with the SEC