press release

ChevronTexaco Announces Sale of North Buzachi Assets in Kazakhstan

SAN RAMON, Calif., Oct. 20, 2003 -- ChevronTexaco Corp. announced today the sale of Texaco North Buzachi Inc. which holds a 65 percent interest in the North Buzachi oil and gas field located in northwest Kazakhstan, to the China National Petroleum Company International Limited (CNPC International Ltd.). Terms of the sale were not released.

Commenting on the sale, Peter Robertson, vice chairman of ChevronTexaco Corp., said, "We've made this decision to sell our interest in North Buzachi as a result of the company's ongoing review of its global portfolio of assets and our desire to sell those that don't fit our long-term strategic objectives.

"We are the leading oil producer in Kazakhstan and have a very strong and well balanced existing portfolio of assets including lead positions in the giant Tengiz oil field development (ChevronTexaco interest 50 percent), the Karachaganak gas/condensate development (20 percent) and the Caspian Pipeline Consortium (15 percent). Our intent is to focus our investments in the continued expansion of these projects, growing significant additional value for the company well into the future."

The North Buzachi oil field is located in western Kazakhstan, 120 miles north of the Caspian port city of Aktau, Kazakhstan, in the Mangistau Oblast. Estimated size of the field is about 1.5 billion barrels of oil in place of 20 API crude with current production of approximately 8,400 barrels per day. The field is close to crude export infrastructure routing through existing pipelines to Russia giving access to Black Sea, Mediterranean, Baltic and European markets.

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

This news release contains forward-looking statements about the planned sale of Chevron Texaco's interests in Kazakhstan. 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 identification of a buyer and timing and terms of the sale of the company's interests; local and general economic conditions; and local political events. 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