Chevron to participate in Athabasca Oil Sands Project expansion

Calgary, AB — Chevron Canada Ltd., a subsidiary of Chevron Corp., will participate in the first phase of expansion of the Athabasca Oil Sands Project (AOSP).

This is a 100,000-barrels-per-day expansion of oil sands mining and upgrading facilities in Alberta, and it is subject to final regulatory approvals. Chevron share of the expansion would be 20,000 bpd.

AOSP is a surface mining operation currently producing about 155,000 barrels of bitumen per day. It began operations in April 2003. Chevron owns 20% of the project.

The total capital cost estimate for this expansion is US$10 billion, with Chevron’s share being $2 billion. It is envisioned that this expansion will increase design capacity to more than 255,000 bpd in 2010.

Chevron Canada says it is actively seeking a leadership position in Canadian heavy oil.