press release

Chevron Press Release - Chevron Makes Fourth Commercial Well Discovery In Angola Deep Water

SAN FRANCISCO, Oct. 8, 1998 - Chevron today announced it has made another significant oil discovery in deep water Block 14 offshore Angola. This is Chevrons fourth commercial well discovery in Block 14 since 1997.

Well 14-10X was drilled in 1,000 feet of water and is located approximately 50 miles offshore. Initial tests demonstrated a flow rate of more than 10,000 barrels per day of 37.5 degree API gravity oil. The new field has been named Belize and follows its three predecessors Kuito, Landana and Benguela.

We are excited about our continued exploration discoveries in Angolas deepwater Block 14, said Richard Matzke, a director of Chevron Corporation and president of Chevron Overseas Petroleum Inc. Weve been investing in Angola for over 40 years, and our recent deepwater successes further strengthen our long-term commitment to the country and its people.

Mark Puckett, managing director of Chevrons Southern Africa Business Unit headquartered in Angolas capital of Luanda, said, Preliminary results from well 14-10X indicate the possibility of a significant oil accumulation in close proximity to the Kuito and Benguela fields.

Block 14 is a 1,560-square-mile concession adjacent to the 2,100-square-mile Block 0 Concession in Angolas Cabinda Province. Block 14 is operated by Chevron, which holds 31 percent interest. The remaining interest is held by Sociedade Nacional de Combustiveis de Angola (SONANGOL), the Angolan national oil company (20 percent), Agip Angola (20 percent), Total Angola (20 percent) and Petrogal (9 percent).

Exploration and drilling in Block 14 began in 1996, and the Kuito Field was discovered in April 1997. Earlier this week, Chevron announced plans for the development of Kuito and anticipates first production by the second half of 1999.

Updated: October 1998