press release

Chevron Placed on Shortlist for Shtokman LNG Project

LOCAL NEWS RELEASE: Issued by Chevron Corporation in Moscow and Washington, D.C.

MOSCOW AND WASHINGTON, D.C., Sep. 16, 2005 -- Chevron Neftegaz, Inc., a subsidiary of Chevron Corporation, today confirmed that it has been placed on the shortlist for participation in the Shtokman LNG project. The Gazprom-operated Shtokman gas condensate field is located in the Russian sector of the Barents Sea and is estimated to contain 3.2 trillion cubic meters of gas and 31 million tons of condensate.

Chevron has been selected as one of five companies being considered for participation in the Shtokman LNG project and is looking forward to further discussions with its Gazprom colleagues to advance this to a successful conclusion.

In a related development, Chevron Corporation Chairman and CEO Dave O'Reilly met with Russia's President Vladimir Putin in Washington, D.C., today. They discussed a number of energy-related issues, including ways in which Chevron and Russian companies could potentially work together to develop the energy market in Russia, as well as internationally.

Updated: September 2005