press release

Chevron Press Release - Chevron Signs Agreement For New Acreage In Qatar

SAN FRANCISCO, March 24, 1998 -- Chevron announced today that it has signed an Exploration and Production Sharing Agreement with Qatar General Petroleum Corp. (QGPC) to explore for hydrocarbons in the Qatar peninsula.

At ceremonies held in the capital city of Doha, the agreement was signed by His Excellency the Minister of Energy and Industry and Chairman of the Board of Directors of QGPC, Abdullah Bin Hamad Al Attiyah, and by Luigi P. Caflisch, managing director of Chevron Africa and Middle East Ltd.

Chevrons presence in the Middle East dates back to the 1920s and resulted in the first crude oil discoveries in Saudi Arabia, Kuwait, and Bahrain.

"Chevron is honored to play a role in developing the petroleum resources in Qatar," said Richard Matzke, president of Chevron Overseas Petroleum Inc. and a director of Chevron Corp. "We are looking forward to building on our experience in the Gulf and are pleased with this additional opportunity," he added.

The 10,900 square-kilometer onshore acreage, designated as Block 2, lies to the east of the giant Dukhan oil field and south of the North Dome gas field. Under this agreement, Chevron holds a 100 percent interest in the block and intends to conduct 2-D and 3-D seismic surveys by the end of the year, with exploratory drilling following in 1999.

In 1996, Chevron was awarded the Qatari offshore Block 1NW. As operator of Block 1NW, Chevron plans to drill two oil prospects based on the evaluation of its 3D and 2D seismic surveys.

Updated: March 1998