press release

ChevronTexaco Announces Ninth Significant Discovery in Angola's Deepwater Block 14

SAN FRANCISCO, December 23, 2002 – ChevronTexaco's Angolan affiliate, Cabinda Gulf Oil Company, today announced a ninth significant discovery in Angola's prolific deepwater Block 14.

The latest find – Negage – is situated 29 miles (54 kilometers) to the southwest of the existing Gabela discovery and was drilled in 4,738 feet (1,444 meters) of water. The well encountered over 320 feet (100 meters) of hydrocarbon column - producing more than 8,630 barrels of 33º API oil per day during a drill stem test. 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 are of great importance to the company's strategy to grow value," said George Kirkland, president of ChevronTexaco Overseas Petroleum Inc. "Block 14 continues to be a tremendous asset for ChevronTexaco and its partners and this latest discovery is a further success for our deepwater Angola program," Kirkland added.

Negage 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, Tombua, and earlier in 2002, Gabela.

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).

Notes to Editors 1: ChevronTexaco's Cabinda Gulf Oil Company (CABGOC) is the largest producer in Angola and the first to produce in the deepwater. CABGOC is operator of two concessions, Block 0 and Block 14, off the coast of Cabinda. Block 0 is a 2,100-square-mile concession adjacent to the Cabinda coastline in which CABGOC has 39.2 percent interest. Block 14, in which CABGOC has a 31 percent interest, is a 1,560-square-mile deepwater concession located west of Block 0.

Texaco Panama Angola Inc. (TEXPAN), also a wholly-owned subsidiary, is operator of and has a 20 percent interest in Block 2, which is a 160-square-mile concession adjacent to the northwestern part of Angola's coast, south of the Congo River. The company also operates and has a 40 percent interest in two offshore blocks, 9 and 22, which encompass approximately 2,000 square miles each and are located south of Luanda.

Today, ChevronTexaco ranks as Angola's largest petroleum producer, with a combined yield of approximately 600,000 barrels of oil a day.

Notes to Editors 2: On November 25, 2002, ChevronTexaco announced it would partner with the Government of Angola, the U.S. Agency for International Development and the United Nations Development Programme for the formation of two public-private partnerships as part of a $50 million overall initiative to support education, training, and small business development in Angola. The MOU's provide the framework for the partnerships that have the common goal of promoting sustainable economic and social growth in Angola. For more information about the Angolan Partnership Initative, visit our web site at

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: December 2002