press release

Chevron Press Release - Chevron To Conduct Safety Review In Venezuela

SAN FRANCISCO, June 14, 1994 -- Chevron Corporation today announced that it has been selected to conduct a Process Safety Management review of petroleum-producing facilities in the Lake Maracaibo area of Venezuela. The competitively bid contract was awarded to Chevron by Maraven, S.A., an affiliate of Petrleos de Venezuela, S.A., the national petroleum company of Venezuela.

A Process Safety Management review is a detailed study of existing processes and procedures that is conducted to ensure a high degree of operational safety. Chevron has conducted similar safety reviews at its own facilities for more than 10 years.

Maraven has extensive oil and natural gas producing operations throughout the Maracaibo Basin, one of the world's most important and prolific petroleum regions. Since the first oil discovery in the basin in 1914, the region's cumulative oil output has exceeded 34 billion barrels.

Maraven, based in Caracas, currently produces 835,000 barrels of oil per day, or about 35 percent of Venezuela's total production.

The Process Safety Management review will include on-site inspections at 39 Maraven facilities, ranging from offshore drilling rigs to natural gas compression plants, to ensure compliance with international safety standards. A joint team of Chevron and Maraven safety experts is now being formed to conduct the review.

Chevron's multidisciplinary team will include experts from Chevron Overseas Petroleum Inc., Chevron U.S.A. Production Company, Chevron Research and Technology Company, and Warren Petroleum Company, Chevron's natural gas liquids subsidiary.

"Our team approach on the review demonstrates both Maraven and Chevron's commitment to safe operations," said Rob Lagaay, Managing Director of Chevron Overseas Petroleum's Latin American business unit. "Through this effort, Chevron hopes to further our participation in the continuing safe development of Venezuela's petroleum resources."

The review is expected to begin in mid-June and will require about two and a half months to complete. It will be conducted entirely in Venezuela.

Updated: June 1994