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News Release NR-2607

Chevron and NREL to Collaborate on Research to Produce Transportation
Fuels using Algae

Joint effort to identify and develop algae strains for feedstock in
next-generation biofuels 

October 31, 2007

Chevron Corporation (NYSE: CVX) and the U.S. Department of Energy’s
National Renewable Energy Laboratory (NREL) announced today that they
have entered into a collaborative research and development agreement to
study and advance technology to produce liquid transportation fuels
using algae. 

Chevron and NREL scientists will collaborate to identify and develop
algae strains that can be economically harvested and processed into
finished transportation fuels such as jet fuel. Chevron Technology
Ventures, a division of Chevron U.S.A. Inc., will fund the initiative. 

The research project announced today is the second under a five-year
strategic biofuels research alliance between Chevron and NREL announced
in October 2006. The first involves bio-oil reforming, a process by
which bio-oils derived from the decomposition of biological feedstocks
are then converted into hydrogen and biofuels.

“We are extremely pleased to join Chevron in this path-breaking
research,” said NREL Director Dan Arvizu. “NREL operated the Aquatic
Species Program for the Department of Energy for nearly 20 years, giving
us unique insights into the research required to produce cost-effective
fuels from algal oils or lipids. Our scientists have the advanced tools
and the experience to rapidly increase the yield and productivity of key
species of algae. In Chevron we have found an ideal research partner
with the skills and knowledge to transform these algal lipids to
cost-competitive fuels and to distribute those fuels to consumers.”

“Biofuels will play an increasingly important role in diversifying
energy supplies to meet the world’s growing energy needs. Chevron
believes that nonfood feedstock sources such as algae and cellulose hold
the greatest promise to grow the biofuels industry to large scale,”
said Don Paul, vice president and chief technology officer, Chevron
Corporation. “Collaboration between industry, universities, research
institutions and government is essential to overcoming the technological
and commercial challenges of manufacturing high-quality transportation
fuels from unconventional feedstocks. Chevron is pleased to partner with
the nation’s preeminent renewable energy laboratory in this important
research.”

Algae are considered a promising potential feedstock for next-generation
biofuels because certain species contain high amounts of oil, which
could be extracted, processed and refined into transportation fuels
using currently available technology. Other benefits of algae as a
potential feedstock are their abundance and fast growth rates. Key
technical challenges include identifying the strains with the highest
oil content and growth rates and developing cost-effective growing and
harvesting methods.

About the National Energy Renewable Laboratory

NREL is the U.S. Department of Energy’s (DOE) primary national
laboratory for renewable energy and energy efficiency research and
development. NREL is operated for the DOE by Midwest Research Institute
and Battelle. More information about NREL is available at   HYPERLINK
"http://www.nrel.gov/"  www.nrel.gov .

NREL supports the DOE’s Office of Energy Efficiency and Renewable
Energy (EERE) Biomass Program. NREL is the lead national laboratory of
the virtual National Bioenergy Center, which was established to support
and help the DOE coordinate the nation’s biomass research activities.
The center has primary responsibility for carrying out the agenda of the
Office of the Biomass Program of the EERE and other related goals.
Collaborating with industrial, academic, related EERE programs and other
governmental research, development and commercialization efforts is
central to that agenda.

 About Chevron

Chevron Corporation is one of the world’s leading integrated energy
companies. We have approximately 58,000 employees, and our subsidiaries
conduct business in more than 180 countries. We operate across the
entire energy spectrum -- producing and transporting crude oil and
natural gas; refining, marketing and distributing fuels and other energy
products and services; manufacturing and selling petrochemical products;
generating power; and developing and commercializing the energy
resources of the future, including biofuels and other renewables.
Chevron expects to spend approximately $2.5 billion on alternative and
renewable energy technologies and energy efficiency services between
2007 and 2009. Chevron is based in San Ramon, Calif. More information
about Chevron is available at www.chevron.com.

For further information contact NREL Public Relations at (303) 275-4090.

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Content Last Updated: July 25, 2008

