Northern Canada

Drilling the Kumak well early 2007

Exploration

Chevron holds a 25 percent nonoperated working interest in several onshore exploration leases in the Mackenzie Delta region of the Northwest Territories. In 2010 there were no exploration activities on these leases. In the Beaufort Sea, there are two exploration licenses that are 100 percent-owned and operated. One license was acquired in 2010 and covers 508,800 acres (2,060 sq km). Additionally, Chevron holds a 34 percent nonoperated working interest in the offshore Amauligak discovery and is continuing to assess development concept alternatives. The company also holds additional nonoperated minor working interests in other offshore licenses in the Beaufort Sea. At the end of 2010, proved reserves had not been recognized for any of these areas.