press release

Chevron Press Release - Chevron Subsidiary Signs Production Sharing Contract In Indonesia

SAN FRANCISCO, June 21, 1995 -- Chevron Corporation announced that its subsidiary, Chevron Sulawesi Inc., has entered into a Production Sharing Contract (PSC) with Pertamina, the Indonesian national oil company, to explore for oil and gas in the Lariang Block, located on the western coast of the Indonesian island of Sulawesi.

Chevron previously had a 50 percent non-operating interest in the Senkang Lariang Block, which included the Lariang area. With the signing of the new PSC, Chevron will have a 100 percent operating interest in the one million-acre Lariang Block and will benefit from Indonesia's current improved contract terms.

In addition to the Lariang PSC, Chevron holds a 50 percent interest in P.T. Caltex Pacific Indonesia, Indonesia's largest oil producer, with more than 700,000 barrels a day. Chevron also holds a 50 percent interest in Amoseas Indonesia Inc., which operates oil production from the Anoa Field, holds interest in four other PSCs, and produces steam at the Darajat Geothermal Field.

Updated: June 1995