Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN
24 November 2011

Oil sheen found in the vicinity of the Frade Oil Field, Brazil
(the sixth report as of 24 November 2011)

November 23, INPEX CORPORATION has confirmed the following points from Chevron (operator of the Frade oil field) regarding the oil sheen which was found in the vicinity of the Frade oil field, Brazil.

- Chevron believes that approximately 2,400 barrels of oil have been emitted to date since seeps were first detected on November 9. The company notes that this estimate is within the current range of 1,600 to 2,640 barrels provided by Brazil's National Petroleum Agency (ANP).

- Chevron today reports that while its subsidiary, Chevron Brasil Upstream Frade Ltda., has not received formal notice from Brazil's National Petroleum Agency (ANP) suspending its drilling license, the company has voluntarily suspended its current and future drilling operations, offshore Brazil. The voluntary suspension includes the company's permitted pre-salt wells in the Frade field with the exception of current plug and abandonment activities. The suspension is indefinite.
Chevron acknowledges, however, that ANP has posted a notice of suspension to its website.

- Chevron's decision to suspend its drilling operations has no impact on its current production in the Frade field or on other Frade field operations. Production from the Frade field is approximately 79,000 barrels of oil equivalent per day.

- Chevron had previously suspended development drilling in the Frade field on November 9 after it became aware of oil migrating from seep lines in the ocean floor.

- Chevron also reports that the volume of oil currently contained in the sheen on the ocean's surface has been further reduced to about one barrel through cleaning and dispersion methods approved by Brazilian authorities. Chevron was successful in stopping the primary source of the oil sheen ten days ago.

- The company reiterated that it adheres to all the rules and regulation of the Government of Brazil and its agencies.

- Updated video footage of the seeps on the ocean floor and current photos of the sheen on the ocean's surface are available on Chevron's Media Updates （http://www.chevron.com/news/mediaresources/updates.news）page.

Further updates will be provided on chevron.com as information is confirmed.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233