press release

Chevron Press Release - Chevron Expands Boscan Alliance

CARACAS, VENEZUELA, May 1, 1996 -- At a ceremony here, Chevron and Maraven S.A. signed a Memorandum of Understanding to expand an alliance first endorsed by the companies in December to develop the Boscan oil field and provide for supplies of heavy crude oil to Chevron in the United States.

The memorandum confirms the progress of the Boscan alliance and commits both companies to conduct a study exploring new opportunities in the energy sector in the United States, Venezuela and other countries.

Kenneth Derr, chairman and chief executive officer of Chevron Corporation, Emilio Abouhamad, president of Maraven S.A., and Richard Matzke, president of Chevron Overseas Petroleum Inc., were present for the signing.

Chevron will begin operating the Boscan oil field on or before July 1, 1996, in accordance with the terms outlined in the original alliance.

Updated: May 1996