press release

Chevron Press Release - Chevron In Talks With Kuwait

SAN FRANCISCO, June 25, 1998 -- Chevron Overseas Petroleum Inc. President Richard H. Matzke held a series of meetings this week in Kuwait City to discuss areas of mutual interest.

His Highness Sheikh Jaber the Amir of Kuwait, His Highness Sheikh Saad the Prime Minister and Crown Prince and His Excellency Sheikh Saud Nasser Al-Saud Al-Sabah, Minister of Oil, separately met with Matzke and Hani Iskander, managing director of Chevron Overseas Middle East Ltd.

Matzke also met with officials from Kuwait Petroleum Corp. (KPC) and Kuwait Oil Co. (KOC).

Drawing on Chevrons long history in Kuwait, Matzke noted that it was a Chevron company -- Gulf Oil Corp. (which became part of Chevron in 1984) -- which discovered the supergiant Burgan oil field in April 1938.

"The impact of that discovery -- 60 years ago -- was tremendous in enhancing the development and economy of Kuwait, bringing this country into position as a world-class financial power. That effect could be repeated again," noted Matzke, who said Chevron would be honored to be given the opportunity to return to Kuwait.

Matzke emphasized Chevrons technical expertise and proven track record in maximizing oil production in many other countries throughout the world. He added that Chevrons technical and business excellence can be seen at work in the Burgan field, and "Chevron would put every available resource into expanding this countrys natural resources to the fullest if granted the opportunity."

Chevrons recent presence in Kuwait dates back to 1994 when the company signed a technical services agreement with Kuwait Oil Co. to provide technical assistance in the development and transportation of crude oil from Kuwaits supergiant Burgan field.

Since that time, the agreement has been renewed, and Chevron has continued to provide training, access to its exploration and production technology and managerial assistance at Burgan, helping to enhance Kuwaits production of oil for export markets.

Updated: June 1998