press release

ChevronTexaco Announces Further Discovery in Angola's Deepwater Block 14

SAN FRANCISCO, July 25, 2002 -- ChevronTexaco Corp. today announced an eighth significant discovery in Angola's prolific deepwater Block 14.

The latest find -- Gabela -- is situated to the south of the existing Tombua discovery. The Gabela-1 exploration well was drilled in 1,051 feet (320 meters) of water, and encountered 676 feet (206 meters) of hydrocarbon column -- producing more than 1,000 barrels of 17.3-degree API oil per day during a drill stem test, with production limited by sand control considerations. This latest discovery will be followed by geologic and engineering studies to assess its reserve potential.

"The exploration and production assets in ChevronTexaco's Africa portfolio play an important role in the company's growth strategy," said George Kirkland, president of ChevronTexaco Overseas Petroleum Inc. "The Gabela discovery is a further success for our deepwater Angola program, which is a major focus for us and our partners and key to meeting our growth targets," he added.

Gabela is the latest in a string of Block 14 discoveries dating back to the 1997 Kuito discovery, which was followed by Landana, Benguela and Belize, Tomboco and Lobito, and, most recently, in 2001, by Tombua.

ChevronTexaco's Angola-based affiliate, Cabinda Gulf Oil Co. is operator of Block 14, with a 31 percent interest. Other partners are SONANGOL P&P (20 percent); Agip Angola, Exploration B.V. (20 percent); Total Angola (20 percent) and Petrogal Exploration (9 percent).

Cautionary statement relevant to forward-looking information for the purpose of "Safe Harbor" provisions of the private securities litigation reform act of 1995:

In this press release is a forward-looking statement about the company's growth strategy for Africa. This statement is based on management's current expectations, estimates and projections. The statement included in this release is not a guarantee. The actual strategy could differ materially from what is expressed or forecasted in this forward-looking statement.

Updated: July 2002