press release

ChevronTexaco Acquires Block 9A Close to Existing Production Offshore Thailand

This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary, Chevron Offshore (Thailand) Ltd., and archived here for record purpose.

BANGKOK, Jul. 22, 2003 -- ChevronTexaco announced today that it has acquired the exploration and production rights to offshore Block 9A which was recently created by the Royal Thai Government and is located in the Gulf of Thailand.

The block is an approximately 80 square kilometer (31 square mile) tract adjacent to the eastern boundary of the ChevronTexaco-operated Block 8/32, in a water depth of approximately 250 feet (76 meters). ChevronTexaco will operate the block and hold a 51.66 percent interest. The other partners in the block are Thaipo Limited, a subsidiary of U.S.-based Pogo Producing Co. (46.34 percent) and the Bangkok-based Sophonpanich family (2 percent).

Isikeli Taureka, managing director of Chevron Offshore (Thailand) Ltd. said, "We are very pleased with the acquisition of the block, and are ready to work with our partners to explore for oil and gas." He added, "We believe Block 9A, where we plan to drill very soon, will be successful when developed via our existing production operations in nearby Block B8/32."

Chevron Offshore (Thailand) Ltd., a unit of ChevronTexaco Corporation's Asia South business unit, acquired Block 9A from the previous holders, BG Group (50 percent), Chevron Overseas Petroleum (Thailand) Ltd. (33.33 percent) and Rio Tinto (16.67 percent).

Cautionary statement relevant to forward-looking information for the purpose of "safe harbor" provisions of the private securities litigation reform act of 1995.

This news release contains forward-looking statements about block 9A in the Gulf of Thailand. The statements are based on management's current expectations, estimates and projections; is not a guarantee of future performance; and is subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual outcomes to differ materially are the results of the exploration program for block 9A and general economic conditions. You should not place undue reliance on this forward-looking statement, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: July 2003