Chevron Canada Limited Announces Kaybob Duvernay Development Program

CALGARY, Nov. 6, 2017 /CNW/ - Chevron Canada Limited (Chevron) announced today it is moving into development on a portion of its leaseholdings in the Kaybob Duvernay area of west-central Alberta. The decision follows a successful three-year appraisal program by Chevron.

It is anticipated this initial development program will comprise approximately 55,000 acres of Chevron's operated position in the Duvernay resource in the area known as East Kaybob. The program will utilize long-term infrastructure development and service agreements with Pembina Pipeline Corporation and Keyera Corporation, with service expected to be available during the second half of 2019.

"The Duvernay formation is one of the most prospective liquids-rich shale plays in North America. Chevron Canada looks forward to realizing the value of this resource from our industry-leading position while delivering economic benefits to local communities, Alberta and Canada," said Jeff Gustavson, president, Chevron Canada Limited.

"Chevron is committed to collaborating with aboriginal peoples and local communities to build long-term, trusting and mutually beneficial relationships related to the Kaybob Duvernay development," added Gustavson.

Chevron has a net 70 percent operated interest in approximately 330,000 acres in the Duvernay formation near Fox Creek, approximately 260 km northwest of Edmonton.

ABOUT CHEVRON CANADA

At Chevron Canada, we utilize our global resources to provide the energy that drives human progress. Coupled with our determination and ingenuity, we are meeting today's complex energy challenges.

Since 1938, Chevron Canada Limited has been exploring for, developing, producing and marketing crude oil, natural gas and natural gas liquids. Headquartered in Calgary, Alberta, Chevron Canada has interests in oil sands projects and shale acreage in Alberta; exploration, development and production projects offshore Newfoundland and Labrador; a proposed liquefied natural gas (LNG) project and shale acreage in British Columbia; and exploration and discovered resource interests in the Beaufort Sea region of the Northwest Territories.

For more information about Chevron Canada, go to www.chevron.ca.

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Some of the items discussed in this press release are forward-looking statements about Chevron Canada Limited. Words such as "agreement to acquire," "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "budgets," "outlook" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance or events; and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict, such as closing conditions in the acquisition agreement. 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.

SOURCE Chevron Canada Limited