press release

Chevron Receives Offshore Energy Achievement Award for its Benguela Belize Project in Angola

SAN RAMON, Calif., Dec. 9, 2005 -- Chevron Corporation (NYSE:CVX) today announced that its Benguela Belize drilling and production platform in Angola has been honored as the "Project of the Year" by the Offshore Energy Association.

On behalf of Chevron and the project partners, John Watson, president, Chevron International Exploration and Production, received the Offshore Energy Achievement Award at a dinner in Houston on Thursday, Dec. 8.

"We are honored to receive this award," said Watson. "The project team successfully managed the engineering challenges and completed the project ahead of schedule, within budget and, most important, in a safe manner. This is a testament to our ability to effectively manage large and complex projects."

Benguela Belize-Lobito Tomboco (BBLT), one of the company's "Big 5" major capital projects, is scheduled to begin production during the first quarter of 2006. The project is expected to have a production capacity of 220,000 barrels per day.

"Benguela Belize demonstrates how Chevron is achieving its objective of leading the industry in the selection and execution of major capital projects," added Watson.

The Benguela Belize-Lobito Tomboco fields are located 60 miles off the Cabinda coast in the northwest part of Block 14, where Chevron also operates the Kuito Field.

The Benguela Belize structure, a compliant piled tower with topsides weighing over 40,000 tons, is situated in 1,300 feet of water. It is the first such structure installed outside the Gulf of Mexico and is one of the largest structures in the world. The tower and topsides were built in Angola, Korea and Texas.

BBLT is a two-phase development. Phase 1 – Benguela Belize – includes the compliant piled tower with processing, injection and export facilities. Phase 2 – Lobito Tomboco – includes three subsea centers and tiebacks to the compliant piled tower.

The Benguela and Belize fields were discovered in 1998. The Lobito and Tomboco fields were discovered in 2000.

Chevron, with a 31 percent interest in BBLT, operates the project on behalf of the other Angola Block 14 partners: Sonangol, Total and ENI - each with 20 percent interest - and GALP with 9 percent.

Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.

Read the Benguela Belize Fact Sheet (PDF, 206Kb)

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.

Some of the items discussed in this press release are forward-looking statements about the Benguela Belize drilling production platform project in Angola. Words such as "expected," "plans" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in the demand for and supply of crude oil and natural gas; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; inability or failure of the company's joint-venture partners to fund their share of project expenditures; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: December 2005