press release

ChevronTexaco and Others to Study Potential LNG Facility in Nigeria

CVX MEDIA STATEMENT:

IN RESPONSE TO NEWS OF THE NIGERIA NATIONAL PETROLEUM COMPANY AND THE BG GROUP TO CONDUCT A FEASIBILITY STUDY ON A POTENTIAL LIQUEFIED NATURAL GAS PROJECT IN NIGERIA

SAN RAMON, Calif., Jan. 13, 2005 -- ChevronTexaco today confirmed that, along with the Nigeria National Petroleum Company (NNPC) and the BG Group, they plan to conduct a feasibility study on a potential liquefied natural gas (LNG) project in Nigeria.

Earlier this week, company representatives from NNPC, ChevronTexaco and BG met with His Excellency Governor Agagu of Ondo State and His Excellency Governor Daniel of Ogun State to discuss the proposal for an LNG plant, called Olokola, that would be located in the Olokola Free Trade Zone, on the coastline border of Ogun and Ondo States in Nigeria.

NNPC, ChevronTexaco and BG are planning to further develop the concept. Any future decisions to move forward with Olokola LNG will depend on the results of the feasibility study. The study will consider available gas supply, marine/LNG loading concepts, available LNG technology options, LNG market options, project economics, and the social and environmental impact of the potential project.

ChevronTexaco Corp. is one of the world's leading energy companies. With more than 47,000 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 chevrontexaco.com.

Updated: January 2005