press release

Chevron Press Release - Chevron Opens Maracaibo Office

MARACAIBO, April 30, 1996 -- In a ribbon-cutting ceremony here today, Chevron Latinoamerica S.A., officially opened an office in Maracaibo. The primary function of this office will be to support Chevron's operation of the Boscan oil field, discovered by the company in 1946.

Venezuelan dignitaries and local government officials joined Chevron Chairman and Chief Executive Officer Kenneth Derr and Chevron Overseas Petroleum Inc. President Richard Matzke for the festive celebration.

"We are very pleased to be returning to Maracaibo, and are honored to be Venezuela's choice to operate the Boscan field," said Derr. "The Venezuelans have given us a great vote of confidence and trust in our technical expertise. We are determined to meet the challenge of helping them enhance this country's natural resources, and to do so in an environmentally responsible way," he added.

Matzke pointed out that the dedication also marks a double anniversary: the 50th anniversary of the discovery of the Boscan field, and Chevron's return, after 20 years, to Maracaibo.

"Our long-term commitment to the Boscan project, and our confidence in Venezuela as our partner in this endeavor is also demonstrated by Chevron Overseas Petroleum's decision to move the headquarters of its South American business unit from California to Venezuela," Matzke said, referring to an announcement made by the company earlier this month, establishing its office in Caracas.

Note to Editors: Chevron Overseas Petroleum Inc., based in San Ramon, California, is the wholly owned subsidiary of Chevron Corporation engaged in the business of exploration for and development and production of hydrocarbon resources outside the borders of the United States and Canada. One of its technological specialties is the enhancement of production of heavy crudes. Chevron Overseas operates in over 20 countries throughout the world, and, as operator for itself and its partners, produces approximately one million barrels of oil per day, with Chevron's share of production being approximately 430,000 barrels OEG (oil equivalent gas). The company first began operations in Venezuela in 1921, and continued there until 1976 when the oil industry was nationalized by the Venezuelan government.

Updated: April 1996