press release

Chevron Announces Successful Results From Appraisal Wells In Deepwater Angola

CHEVRON ANNOUNCES SUCCESSFUL RESULTS FROM APPRAISAL WELLS IN DEEPWATER ANGOLA

SAN FRANCISCO, Feb. 4, 2000 -- Chevron today announced successful completion of two significant appraisal wells in the Benguela and Belize oil fields in its deepwater Block 14, offshore Angola.

The Benguela 2A and Belize 2A wells tested at rates of 8,400 and 11,000 barrels per day (bpd) respectively, both on restrictive chokes and from prolific Miocene sands. The quality of Belize oil is 36 degrees API gravity; the Benguela field contains both 24- and 34-degree API gravity crude.

Technical evaluations of the well results will be made over the next several weeks. Options are being studied for development of the fields, with front-end engineering expected to start shortly.

"Successful completion of these wells is yet another demonstration of Chevron's long-term commitment to investing in Angola and enhances our leadership role in producing from Angola's deepwater," said Peter Robertson, president of Chevron Overseas Petroleum Inc. "I am extremely pleased by the aggressive pace maintained by the Block 14 partners to develop this exciting deepwater area."

These are the second appraisal wells for each field following their discovery (Benguela in June 1998, and Belize in October 1998). The Belize 2A well was completed in December, and the Benguela 2A well last month.

The Benguela and Belize fields are approximately 4 kilometers south of the Kuito field, also in Block 14, where on Dec. 15 Chevron celebrated first oil and became the first operator to produce from Angola's deepwater area. Production from Kuito field is about 50,000 bpd and is expected to reach a peak of 100,000 bpd.

Chevron is operator for Block 14 and holds 31 percent interest. A 20 percent interest is held by Sociedade Nacional de Combustiveis de Angola (SONANGOL), the Angolan national oil company; Agip Angola; and TotalFina Angola. Petrogal holds the remaining 9 percent.

Updated: February 2000