press release

Chevron Press Release - Chevron Subsidiary In Angola Sets All-time Crude Oil Production Record

SAN FRANCISCO, March 27, 1995 -- Chevron announced today that its wholly owned subsidiary, Cabinda Oil Company Limited (CABGOC), has reached an all-time record of crude oil production offshore Angola. The record-setting level of 400,000 barrels a day was achieved on the 15th of March, 1995.

"Chevron, as operator of the Cabinda Concession, has increased production by 100,000 barrels a day since 1991," said Richard Matzke, president of Chevron Overseas Petroleum Inc. Matzke noted that the increased production "is the result of successful exploratory programs, infill drilling, workovers of existing wells, the development of the Kokongo field, and facility upgrades."

"We are extremely proud of our employees, associates and contractors -- each of whom made it possible to reach this milestone in the history of the Cabinda Concession," added Mark Puckett, managing director, CABGOC.

As Angola's leading oil producer, the Cabinda Association averages 380,000 barrels a day. The Association is an international consortium which includes CABGOC (39.2 percent), Sociedade Nacional de Combustiveis de Angola (SONANGOL), the state-owned oil company of Angola, which holds 41 percent interest, Agip Angola Ltd. (9.8 percent) and Elf Petroleum Angola Ltd. (10 percent).

Chevron has been active in crude oil exploration and production in Angola for over 40 years.

Updated: March 1995