press release

Chevron Signs Two Offshore Exploration Concessions in the Gulf of Thailand

BANGKOK, Thailand, March 15, 2006 -- Chevron Thailand Exploration and Production, Ltd. (CTEP) announced that the company has signed two petroleum exploration concessions, Block G4/48 and Block G9/48 in the Gulf of Thailand, with the Department of Mineral Fuels in a ceremony presided over by H.E. Minister of Energy, Mr Viset Choopiban.

Block G4/48 is located in the Gulf of Thailand and covers 504 square kilometers close to Chevron's Tantawan and Plamuk fields, where the company has petroleum production activities. This new block is wholly owned and operated by Chevron Pattani, Ltd., an affiliate of Chevron Thailand Exploration and Production, Ltd.

Block G9/48 covers 252 sq. km. and lies northeast of Arthit Field in the Gulf of Thailand. Under the petroleum exploration concession agreement, PTTEP (Thailand) Limited is the operator and holds an 84 percent interest in Block G9/48, while Chevron Pattanni, Ltd., holds the remaining 16 percent interest.

"Chevron is very pleased to join with PTTEP as a strategic partner in this venture. By sharing our facilities, combining our extensive business experiences, and investing our human capital in these projects, it will enable the development of marginal fields in these prospective areas," said Tara Tiradnakorn, President for Chevron Thailand Exploration and Production, Ltd.

Advanced technology will enable us to increase recovery rate and more effectively develop the potential reserves in the concession area.

"If prospects on these blocks prove to contain commercial quantities of petroleum products, it will contribute to the continued economic growth of Thailand, helping to create new jobs for Thai people, provide additional taxes and royalties to fund government programs, and reduce the country's reliance on imported energy supplies," added Tara.

About Chevron's upstream business in Thailand

After the merger of Chevron and Unocal in August 2005, Chevron has become Thailand's top oil and gas producer. The unit operates more than 160 platforms in the Gulf of Thailand with total average daily production of more than 90,000 barrels of oil, 40,000 barrels of condensate and an approximate of 1.5 billion gross cubic feet of natural gas per day. The gas is used to generate approximately one-third of Thailand's total power demand.


This press release of Chevron Corporation contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this 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: March 2006