press release

ChevronTexaco and Gazprom to Start Discussions on Joint Project Opportunities

WASHINGTON, D.C., Sep. 22, 2004 -- Chevron Neftegaz Inc., an affiliate of ChevronTexaco, and Gazprom today announced the signing of a six-month binding memorandum of understanding (MOU) that will allow the two companies to jointly undertake feasibility studies for the possible implementation of oil and gas projects in Russia and the United States.

Specifically, the two companies will assess the feasibility of an integrated liquefied natural gas (LNG) project in Russia, Gazprom's potential participation in a ChevronTexaco-led natural gas import terminal project in North America, ChevronTexaco's potential participation in existing Gazprom projects in northwest Siberia, and possible joint participation in other oil and gas opportunities.

Commenting on the announcement, ChevronTexaco Chairman and CEO Dave O'Reilly said: "ChevronTexaco maintains a strong interest in making additional major, long-term investments in Russia that will help develop the country's long-term energy potential. In addition, the development of a global, integrated natural gas business is a cornerstone of our own growth strategy. The signing of an MOU with a company of Gazprom's stature is a positive step toward achieving both goals."

Adding his comments, Gazprom Chairman Alexey Miller said: "The signing of the MOU is confirmation of the commercial dialogue between Russia and the United States, as well as an example of the cooperation between our two companies. For Gazprom, access to the American gas market is strategically important, and in addition, we are keen to bring advanced LNG production and transportation technologies to Russia."

ChevronTexaco has existing interests in the Russian energy sector primarily through its 15 percent stake in the $2.6 billion Caspian Pipeline Consortium. Gazprom is Russia's largest company and the world's largest producer of natural gas, holding 25 percent of known global reserves.

Currently celebrating its 125th anniversary, ChevronTexaco is one of the world's leading energy companies. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevron.com

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 future feasibility studies for the possible implementation of oil and gas projects in Russia in the United States. 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. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Actual outcomes and results could differ materially from what is expressed or forecasted in these forward-looking statements. 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: September 2004