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Chevron Begins Crude Oil Production from New Tahiti Field.

ENERGY RESOURCE-6 May 2009-Chevron Begins Crude Oil Production from New Tahiti Field(C)2009 JeraOne - http://www.jeraone.com

Chevron Corporation has started crude oil production from its Tahiti Field, the deepest producing field in the Gulf of Mexico.

Announced today, the first oil from Tahiti was achieved on May 5, 2009, with Chevron projecting that daily production is expected to ramp up to approximately 125,000 barrels of crude oil and 70 million cubic feet of natural gas before the end of the year.

The total cost for the first phase of the project is $2.7 billion and represents one of 40 projects in which Chevron's share of the investment is over $1 billion.

The Tahiti Field, one of the largest in the Gulf of Mexico, was discovered in 2002 and is estimated to contain total recoverable resources of 400 to 500 million oil-equivalent barrels.

"Tahiti is a significant addition to our growing reserves and production," said George Kirkland, executive vice president, Global Upstream and Gas. "It is another demonstration of our deepwater expertise, and our ability to execute an industry-leading queue of major capital projects."

Chevron holds a 58 percent working interest in Tahiti and is the operator, StatoilHydro holds a 25 percent working interest, and Total owns a 17 percent working interest.

For more information, visit www.chevron.com.

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Publication:Energy Resource
Date:May 6, 2009
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