press release

Chevron Press Release - Chevron Confirms Preliminary Agreement for Congo Field

SAN FRANCISCO, Sept. 15, 1994 -- Chevron Corp. confirmed reports that Chevron Overseas (Congo) Limited has entered into a preliminary agreement with Elf Congo calling for Chevron to purchase a 22.5 percent interest in the N'Kossa field and the Haute Mer permit, located offshore the Republic of the Congo. This area is located immediately adjacent to Chevron's Angola concession.

Chevron said it could not comment on any terms of the pending agreement until after it is approved by the Congolese government.

Once approved, interests in the two permits would be Elf Congo 62.5 percent; Chevron Overseas (Congo) Limited 22.5 percent; and Hydro Congo with 15 percent. Elf Congo will continue to be the operator on the two permits.

Updated: September 1994