press release

Chevron and Ecopetrol Signed Contract with PDVSA to Export Natural Gas from Colombia to Venezuela

CARACAS, Venezuela, May 13, 2007 -- Chevron Petroleum Company, an affiliate of Chevron Corporation, and Ecopetrol, S.A. signed with PDVSA Gas, S.A. a sales contract to start delivering natural gas from Colombia to Venezuela by January 1, 2008, within the frame of the agreement recently signed by the governments of Colombia and Venezuela to export/import natural gas.

The agreement among the government companies and Chevron includes the construction by PDVSA of a new 225 kilometer pipeline between the two countries to be completed by late 2007 and additional processing facilities that Chevron is building in Colombia to deliver up to 150 MMSCFD of gas. The new agreement also contemplates a separate agreement between PDVSA and Ecopetrol for future delivery of natural gas from Venezuela to Colombia.

"We are happy that the governments of Colombia and Venezuela worked together to get this natural gas commercial agreement signed", said Ali Moshiri, President of Chevron Latin America Exploration and Production. "It demonstrates the cooperation and interest of the two countries to ensure energy supply for Colombian and Venezuelan communities", concluded Moshiri.

In Colombia, in partnership with the State-owned oil company, Ecopetrol, Chevron operates three gas fields-one offshore and two onshore-where almost 500 million cubic feet of gas per day are produced. In Venezuela Chevron was awarded the exploratory license for the Cardón III block as part of the Rafael Urdaneta project for gas exploration and development in the west of the country. In addition, the company is working on the conceptual engineering design for a liquified natural gas project to develop Plataforma Deltana Blocks 2 and 3.

Editor's note: Chevron's activities in Venezuela include exploration and production of oil and gas, and the commercialization and marketing of Texaco products. Through the Texaco brand, Chevron has a national network of 83 Texaco service stations and sells lubricants for motor vehicles and industrial customers. Through Chevron Oronite, the company also provides integral technical support in the sale of lubricants and fuel additives. Chevron's Latin American Headquarters are based in Caracas and a high percentage of its local personnel are Venezuelan nationals who provide support to the company's operations in the country and throughout the Latin American region. Chevron Corporation is one of the world's leading energy companies. With more than 55,000 people working in approximately 180 countries, the company produces and transports crude oil and natural gas, and refines, sells and distributes fuel and other energy products. Company Headquarters are in San Ramón, California. For more information on Chevron global operations please visit www.chevron.com.

Updated: May 2007