press release

Chevron Press Release - Chevron San Jorge Discovers New Oil Field In the Province of Rio Negro, Argentina

This is news concerning Chevron but issued by a Chevron subsidiary, Chevron San Jorge, and archived here for record purposes.

BUENOS AIRES, Aug. 9, 2001 -- Chevron San Jorge, a wholly owned subsidiary of Chevron Corp., announced today the discovery of a new oil field in the Río Negro Norte Block in the Argentine Province of Río Negro.

With a working interest of 18.75 percent, Chevron San Jorge is the operator of the Río Negro Norte consortium. Partners are Repsol YPF (35 percent), the International Finance Corp. (15 percent), Metro Holding (12.5 percent) and San Jorge Energy (18.75 percent).

La Yesera x-1 discovery well is located 13 km east of the Río Negro town of Cinco Saltos, and 20 km south-west of the Loma Negra field, also operated by Chevron San Jorge. This exploratory well was drilled to a total depth of 15,900 ft. and tested 3,173 bbl/d of 53°API oil.

"This discovery is a new contribution of Chevron San Jorge's exploration activity to the development of the Argentine oil sector," said Leonardo Legarreta, Chevron San Jorge's exploration manager.

Chevron San Jorge is one of the main oil producers in Argentina, with a gross operated production of 95,000 bbl/d of oil and gas equivalent.

Updated: August 2001