press release

ChevronTexaco Announces Double Success in Deep Water Block OPL 249 in Nigeria

Two wells: one a significant discovery, the other an extension to the Aparo Field

SAN RAMON, Calif., Oct. 21, 2003 -- ChevronTexaco Corp. affiliate, Star Ultra Deep Petroleum Ltd. (Star Ultra Deep), today announced a significant oil discovery on its Nigeria deep water Oil Prospecting License (OPL) 249. Star Ultra Deep is 100 percent contractor equity holder and technical advisor to Oil & Gas Nigeria Ltd.

The rank wildcat Nsiko-1 well, which was drilled to a total depth of 13,968 feet and in 5,674 feet of water, discovered a substantial amount of net hydrocarbon pay in multiple zones. One zone was tested in the well and flowed at 6,500 barrels of high quality crude per day under restricted flow conditions. The well was abandoned upon completion of testing operations. Appraisal drilling on the Nsiko discovery is planned for the first half of 2004.

In addition, the Aparo 3 appraisal well confirmed the extension of the Aparo oil field onto OPL 249. The well, drilled in 4,270 feet of water to a total depth of 12,000 feet, encountered a substantial amount of net oil sand. The results from the Aparo-3 well indicate that the OPL 249 Aparo, OPL 213 Aparo, and Oil Mining Lease (OML) 118 Bonga SW discoveries share a common structure and thus should lead to a joint oil development by the OPL 249, OPL 213 (Texaco Nigeria Outer Shelf Ltd. is Operator with 100 percent interest), and OML 118 partners (no ChevronTexaco affiliate interest).

"This latest exploration success is very exciting, especially as it follows so closely on the recent successful Usan appraisal well," said George Kirkland, president of ChevronTexaco Overseas Petroleum. "Nigeria deep water is an integral part of ChevronTexaco's growth strategy for West Africa and confirmation of this latest drilling success in OPL 249 further enhances our already very strong position there."

Adding his comments, Jay Pryor, Star Ultra Deep and ChevronTexaco Nigeria/Mid Africa strategic business unit managing director, said, "The Aparo and Nsiko wells on OPL 249 confirm its commercial viability. It further demonstrates ChevronTexaco's ability to deliver superior exploration results from a focused, high impact exploration program."

In addition to OPL 249, the affiliate companies of ChevronTexaco Corp. in Nigeria hold significant deep water contractor equity in the following concessions: OPL 213 (Operator), OPL 214, OPL 222, OPL 216 (Technical Advisor), OPL 215 (Technical Advisor), OPL 250 (Operator), OPL 217, OPL 218, and OPL 318.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about the significance of the results of the appraisal and exploration drilling in deep water offshore Nigeria. 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 additional testing, evaluation of development alternatives, 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: October 2003