press release

Chevron Press Release - Chevron Announces New Congo Discovery

SAN FRANCISCO, Nov. 14, 1995 -- Chevron today announced a new discovery in waters off the coast of the Republic of the Congo.

The exploratory well, Moho Marine 1, was drilled in the exploration permit Haute-Mer concession, located 9 miles west of the N'Kossa field. Two production tests have been carried out over two intervals in the well. These tests on a 28/64th-inch choke have produced 3,500 barrels of oil per day (BOPD) and 2,200 BOPD, respectively. Additional work is being done to appraise the discovery.

Chevron acquired the exploration rights in this area as part of joining with Elf in the development of the N'Kossa field. Construction and installation of the N'Kossa facilities are proceeding on track for first production in mid-1996. Peak production from N'Kossa is expected to reach 110,000 BOPD in late 1997.

"We are pleased that our plan to acquire both revenue generating assets and adjacent exploration opportunities in the Congo is working well," said Richard Matzke, president of Chevron Overseas Petroleum Inc.

Chevron Overseas (Congo) Limited, a subsidiary of Chevron Overseas Petroleum Inc., holds a 30-percent interest in the Elf-operated Haute-Mer concession. Other partners include Hydro-Congo and Engen.

Updated: November 1995