press release

ChevronTexaco Announces New Oil Discovery in Deepwater Nigeria

SAN FRANCISCO, May 14, 2002 -- Chevron Petroleum Nigeria Ltd., an affiliate of ChevronTexaco Corp., today announced the second oil discovery on deepwater Nigerian block OPL 222, which is operated by Elf Petroleum Nigeria Ltd.

The Usan-1 exploration oil discovery well is located approximately 100 kilometers offshore in a water depth of 750 meters. Drilling operations commenced during February 2002 and the well was drilled to a total depth of 2725 meters. Usan-1 encountered several oil-bearing reservoirs and a production test of one of the intervals flowed at an approximate rate of 5000 barrels of oil per day.

Ukot-1, the first oil discovery on the block, was drilled and tested in 1998. Following the drilling of Usan-1, a comprehensive evaluation of the discovery and block commercial potential will be undertaken.

"Nigeria deepwater is an integral part of ChevronTexaco's growth strategy for West Africa and we are delighted by this latest discovery in OPL 222," said George Kirkland, ChevronTexaco Overseas Petroleum president.

Nigerian National Petroleum Corp. (NNPC) is concessionaire for OPL 222, a 1993 Production Sharing Contract block. The Contractor Group is composed of Elf Petroleum Nigeria Ltd. (Operator, 20 percent), Chevron Petroleum Nigeria Ltd. (30 percent), Esso Exploration & Production Nigeria (Offshore East) (30 percent) and Nexen Petroleum Nigeria Ltd. (20 percent).

ChevronTexaco Nigeria deepwater affiliates hold significant contractor equity in OPL 213 (100 percent, Operator), OPL 216 (80 percent, Technical Partner), OPL 250 (50 percent, Operator), OPL 217 (46.15 percent) and OPL 218 (46.15 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 West 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: May 2002