press release

Chevron Press Release - Chevron And The Tengizchevroil Joint Venture Celebrate The 100th Anniversary

Photo of President Nazarbayev and Dick Matzke

President Nazarbayev (left) and COPI President Dick Matzke (center) at ribbon-cutting ceremony.

ATYRAU, KAZAKHSTAN, Sept. 3, 1999 -- At celebrations held today in Western Kazakhstan, Chevron and its Tengizchevroil partners celebrated the 100th anniversary of the country's oil industry.

Among those attending the celebration were President Nursultan Nazarbayev, Prime Minister Nurlan Balgimbayev, and Richard Matzke, president of Chevron Overseas Petroleum Inc. and a director of Chevron Corp.

As part of the celebration, President Nazarbayev and Matzke cut the official ribbon to reopen the "Eurasia" bridge, which was a result of a $2 million restoration project funded by Tengizchevroil. The bridge, which crosses the Ural River in Atyrau, connects the continents of Asia and Europe.

"Kazakhstan has been a successful leader in attracting western investment in the oil industry and has laid a solid foundation for a bright economic future for its people," said Matzke.

"Tengizchevroil is the leading oil field project in the country, and its success since its inception in 1993 is a testament to the hard work and dedication of all those involved in the project," noted Matzke. "For example, safety has always been a top priority at Tengiz, and it is no coincidence that the employees recently surpassed four million man-hours without a lost-time incident. This type of safety record is a hallmark of a world class oil industry project."

Through Tengizchevroil's Atyrau Bonus Program, the joint venture has contributed $50 million (U.S.) to provide major infrastructure projects in the area, including a boiler plant, housing for flood victims, and medical clinics. Separately, Chevron was instrumental in bringing $72 million in potential loans to small and medium businesses through the European Bank for Reconstruction and Development.

Tengizchevroil, in which Chevron has a 45 percent interest, operates the Tengiz Field in Western Kazakhstan, which is one of the largest oil fields discovered in the last 20 years. Average monthly oil production reached a record of 221,000 barrels per day this summer, and by mid-2000 production is expected to reach 260,000 barrels per day.

Updated: September 1999