Northern Canada

Drilling the Kumak well early 2007

Exploration

Chevron holds two exploration licenses in the Beaufort Sea. One of the licenses is 100 percent owned and operated, and during 2011, through a farm-out agreement, Chevron reduced its working interest on the second operated Beaufort exploration license from 100 to 60 percent. In 2011, there were no exploration activities on these leases. Chevron holds a 35.4 percent nonoperated working interest in the offshore Amauligak discovery and is continuing to assess development concept alternatives. The company also has additional minor nonoperated working interests in other significant discoveries on licenses in the Beaufort Sea. In the Mackenzie Delta region of the Northwest Territories, the company holds a 25 percent nonoperated working interest in several discoveries on onshore licenses.