press release

Chevron Signs Joint Study Agreement with the Royal Government of Cambodia

LOCAL NEWS RELEASE: Issued in Phnom Penh, Cambodia

PHNOM PENH, Cambodia, July 6, 2006 -- Chevron Overseas Petroleum (Cambodia) Limited (COPCL), a subsidiary of Chevron Corporation, announced today that it has signed a Joint Study Agreement (JSA) with the Royal Government of Cambodia. The JSA signing ceremony, held at the Council of Ministers in Phnom Penh, was presided over by His Excellency Mr. Sok An, Deputy Prime Minister and Chairman of the Cambodian National Petroleum Authority.

The purpose of the JSA is to understand and expand the base resource of four discoveries made by COPCL in Block A, offshore Cambodia, in 2004 and 2005. As part of the agreement and to fulfill the minimum obligation under the petroleum concessions, COPCL will drill 10 wells, five in 2006 and another five in 2007.

"Chevron is very pleased to work with the Royal Government of Cambodia and truly appreciates all the support we have received from the government. By working together with the government and our partners, we hope to gain a better understanding of Cambodia's petroleum resource and look forward to pursuing additional opportunities to address the country's future energy needs," said Isikeli Taureka, a Chevron spokesperson.

COPCL operates and holds a 55 percent interest in Block A, which covers approximately 1.6 million acres (6,278 square kilometers) in the Gulf of Thailand. In an exploration campaign that ended in 2005, COPCL processed more than 600,000 acres (2,428 square kilometers) of 3-D seismic data and drilled five exploration wells, resulting in four discoveries. The other participants in the project are Moeco Cambodia Ltd., which holds a 30 percent interest, and GS Caltex Corporation, which holds a 15 percent interest.

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, California. More information on Chevron is available at www.chevron.com.

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 Chevron's plans for drilling in offshore Cambodia Block A. 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 conditions affecting supply and demand for crude oil and natural gas; inability or failure of the company's joint-venture partners to fund their share of project expenditures; changes in local government regulation; and general economic, social and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the 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: July 2006