press release

ChevronTexaco and Ecopetrol Sign Natural Gas Agreement in Colombia

Agreement Allows for the Development of Natural Gas Reserves in the Country's Guajira Region

SAN RAMON, Calif., Feb. 20, 2003 -- ChevronTexaco's Colombia subsidiary, Texas Petroleum Company, and Ecopetrol, the Colombian national oil company, have signed an agreement for incremental gas production from the Guajira region in the northeastern coastal region of the country. The agreement for the Catalina Project, signed on Feb. 8, provides the basis for the country's natural gas supply and distribution through 2016.

Texas Petroleum Company and Ecopetrol currently produce more than 80 percent of the natural gas consumed in Colombia. The gas comes from Chuchupa, the country's only offshore field, and Ballena, an onshore field located in Guajira State. Together these fields produce on average 500 million cubic feet of gas a day. The new agreement will enable both companies to develop and produce an additional one trillion cubic feet of natural gas reserves that are still in the area.

"The Catalina Agreement reaffirms ChevronTexaco's commitment to Colombia by allowing us to expand production to meet the country's natural gas needs," said George Kirkland, president of ChevronTexaco Overseas Petroleum. "We are proud of our history and contribution to the country through the production of energy, creation of jobs and the development we have brought to the Guajira region. Furthermore, this project demonstrates our commitment to building a world-class global natural gas business."

The gas produced from Catalina will be distributed mainly in the northern and central regions of the country. Gas may also eventually be exported to Venezuela if a gas pipeline project under study by both countries demonstrates the feasibility of connecting the gas producing fields of Guajira with the Maracaibo region of Venezuela.

ChevronTexaco's history in Colombia dates back to the late 1920s, when the company began exploration activities. Today, ChevronTexaco operates the Ballena and Chuchupa fields. ChevronTexaco is active in the retail gasoline marketing industry in Colombia where there are 290 Texaco-branded service stations. In addition, through a joint venture ChevronTexaco provides jet fuel to Colombia's major airports.

About ChevronTexaco

Based in San Ramon, Calif., ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products.

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 the signing of an agreement for incremental production of natural gas from the Guajira region of Columbia; the estimated minimum cost over the near term for additional development of the field; and the significance of the agreement to ChevronTexaco. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the results of the evaluation of the options for the project's development, local political events and general economic conditions. You should not place undue reliance on these forward-looking statements, 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: February 2003