press release

Chevron Nigeria Limited Lifts Force Majeure

This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary, Chevron Nigeria Ltd., and archived here for record purpose.

LAGOS, April 24, 2003 -- The force majeure declared by Chevron Nigeria Limited (CNL) about one month ago as a result of the unrest in the Escravos area has been lifted. In effect, crude oil lifting activities at the NNPC/Chevron Escravos terminal have resumed.

Announcing this today, the company's Chairman and Managing Director, Jay Pryor, thanked all its customers for their understanding and support during the period, adding: "Though the decision to declare a force majeure was a difficult one, it was the only honest and ethical option open to us if we were to maintain our world class standard in safety, reliability and environmental stewardship."

Following the return to production at Escravos on April 4, CNL gradually increased output to the current plateau rate of 310,000 barrels of oil per day. No timeframe has been set for a return to full production -- a decision on that will be made in due course, based on CNL's ongoing assessment of the security situation in the area.

Updated: April 2003