press release

Chad-Cameroon Oil Project Celebrates Official Project Inauguration

SAN RAMON, Calif., Oct. 10, 2003 -- ChevronTexaco announced today the inauguration of the Chad Cameroon Oil Development and Pipeline Project at a ceremony held at the project's operations center in Kome, southern Chad.

Commenting on the inauguration, George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The Chad Cameroon Development Project is a key component of our long-term growth strategy in Africa. It adds to our already large portfolio of producing assets on the continent, but at the same time we take great pride in the project also representing unprecedented efforts to ensure economic and social benefits flow to the citizens of Chad and Cameroon.

"Accomplishing these goals required innovative thinking and a strong commitment by the governments of Chad and Cameroon, the partners, ExxonMobil, Petronas and ChevronTexaco as well as the World Bank Group."

The ceremony recognized milestones in the construction and the operational phases of the project. Completed one year ahead of schedule, the pipeline transports previously landlocked oil 660 miles from the Bolobo, Miandoum and Kome oil fields, near Doba, in southern Chad, through eastern Cameroon to an export terminal facility at Kribi, Cameroon in the Gulf of Guinea. There the oil is trans-shipped from a floating storage and offloading (FSO) vessel, located seven miles offshore, for export to world markets.

Next steps for the project include completion of the central treating facilities by year-end 2003. Full production capacity of 225,000 barrels per day is targeted for early in 2004, while drilling operations will continue in the oil fields over the next two years.

ChevronTexaco has 25 percent equity in the project. Its partners are ExxonMobil subsidiary, Esso Exploration and Production Chad Inc. (operator, with 40 percent), and Petronas (35 percent). Project construction began in October 2000.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about the plans for the Chad Cameroon Development Project and the project's significance to ChevronTexaco's growth strategy in Africa. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are completion of planned facilities; changes in the company's strategy; success in future drilling and development activities; local and general economic conditions; and local political events. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: October 2003