press release

Chevron Press Release - Chevron And Partners Get Green Light To Develop New Oil Field Offshore Congo

SAN RAMON, Calif., July 7, 1994 -- Chevron announced today that it, along with two partners -- Agip, the Italian oil company, and Hydro-Congo, the Congo state oil company -- has signed an agreement with the government of Congo to develop the Kitina oil discovery off the coast of West Africa. The Kitina field has estimated recoverable reserves exceeding 100 million barrels of high-quality, light crude oil.

The Congolese government granted an exploitation permit to develop Kitina, which the partnership discovered in 1991. The partnership also obtained a five-year extension for the Marine VII exploration permit, which surrounds Kitina. Both permits are under a new Production Sharing Agreement with the government, which was signed in May.

Chevron has a 29.25 percent interest in Kitina and the exploration permit. Agip, the operator for both projects, has a 35.75 percent interest. The remaining 35 percent interest is held by Hydro-Congo.

"Our latest agreement with the Congolese government confirms again Chevron's interest in exploring for and developing oil fields in the petroleum-bearing basin that extends from Angola and Zaire to Congo," said Dick Matzke, president of Chevron Overseas Petroleum Inc. Chevron is the operator for oil fields offshore Zaire, where the company has a 50 percent equity interest, and offshore Cabinda, Angola, where it has a 39.2 percent equity interest.

Updated: July 1994