Schlumberger and Chevron Announce Release of INTERSECT

5th October 2009

Next Generation Reservoir Simulation Software Enables Fast Simulation of Large and Heterogeneous Models and Supports Sophisticated Field Management

NEW ORLEANS, October 5, 2009 - Schlumberger and Chevron Energy Technology Company, a Chevron Corporation (NYSE:CVX) subsidiary, today announced the release of INTERSECT* next generation reservoir simulation software to enable simulation of large complex reservoirs and highly heterogeneous systems. The technology is the result of extensive research collaboration and a joint development effort between the two companies beginning in 2000.

"INTERSECT was possible only through close cooperation between Chevron and Schlumberger. Both companies have been developing and using simulators for several decades and have accumulated significant knowledge as a result," said Jeff Spath, president, Reservoir Management group, Schlumberger. "This jointly developed product has leveraged the collective expertise of our engineers in managing global oil and gas reservoirs, as well as our leadership and experience in simulator development."

"We have combined Chevronâ..s leading reservoir modeling and field management capability and our R&D efforts with Schlumberger's experience as a reservoir simulation solution provider," said Michael Allison, general manager, Reservoir Management, Chevron. "By creating key technologies through collaboration, this innovative partnership is delivering next generation technology that could benefit the energy industry."

Going beyond capabilities offered by the current generation of simulators, INTERSECT runs large and heterogeneous modelsâ..simulating tens of millions of cellsâ..fast. It also accurately models complex geology and wells, honoring detailed reservoir characterizations with minimal or no upscaling. Supporting sophisticated field management, it handles thousands of wells in mature fields, as well as simulating all fluid types and recovery processes in a single simulator. Advanced production controls enable flexible operational field management.

The INTERSECT software will be progressively released. Early adopter customers will work closely with Schlumberger to apply this first commercial release to multiple reservoir challenges. Their experience will be used to further enhance the product for general release.

To provide open extensibility, future releases of INTERSECT will include Ocean* development toolsâ..enabling oil and gas companies, independent software providers and universitiesâ..to create plug-ins to customize simulation workflows for specific reservoir and recovery challenges.

Schlumberger will continue to develop and support the INTERSECT simulator and the industry-standard ECLIPSE* reservoir simulator. Both simulators use Petrel* Reservoir Engineering as a front end to simulation, integrating the static and dynamic modeling process.

About Schlumberger
Schlumberger is the worldâ..s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 79,000 people representing over 140 nationalities and working in approximately 80 countries, Schlumberger provides the industryâ..s widest range of products and services from exploration through production.

Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $27.16 billion in 2008. For more information, visit www.SLB.com.

About Chevron
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

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