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Chevron Discovers Oil Reserves in the Deepwater Gulf of Mexico

Chevron Corporation announced a significant oil discovery at the Ballymore prospect in the deepwater U.S. Gulf of Mexico.

Ballymore is located in the Mississippi Canyon area of the U.S. Gulf of Mexico, approximately three miles from Chevron’s Blind Faith platform, in water depth of 6,536 feet. The initial Ballymore well reached total measured depth of 29,194 feet and encountered more than 670 feet net oil pay with excellent reservoir and fluid characteristics. A sidetrack well is currently being drilled to further assess the discovery and begin to define development options.

“The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy,” said Jeff Shellebarger, President of Chevron North America Exploration and Production. “This discovery is an important addition to our portfolio, especially with its combination of size, quality and proximity to existing infrastructure.”

Chevron subsidiary Chevron U.S.A. Inc. is the operator with a 60 percent working interest in the Ballymore prospect. The co-owner is TOTAL E&P USA Inc. (40 percent).

Chevron Corporation is one of the world’s leading integrated energy companies. Through its 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 petrochemicals and additives; generates power; 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.