press release

ChevronTexaco Announces Significant Extension of Deepwater Oil Discovery in Nigeria

SAN RAMON, Calif., Oct. 14, 2003 -- ChevronTexaco Corp. affiliate, Chevron Petroleum Nigeria Ltd., today announced a significant extension of the Usan Field discovery in deepwater Oil Prospecting License (OPL) 222, offshore south eastern Nigeria.

The Usan-4 appraisal well, located around 68 miles (110 kilometres) offshore and three miles (five kilometers) south of the Usan-1 well in water depths of approximately 2,460 feet (750 metres), is the third successful appraisal of the Usan Field, discovered in 2002.

Two zones were tested in the Usan-4 well and flowed at 4,400 and 6,300 barrels of oil per day under restricted flow conditions. Usan-4 has confirmed the presence of commercial quantities of oil, as well as additional potential in previously untested reservoirs.

"We are pleased with the continued drilling success at the Usan Field. This latest well result further strengthens ChevronTexaco's deepwater position in Nigeria," said George Kirkland, ChevronTexaco Overseas Petroleum president. "ChevronTexaco is the leading deepwater acreage holder in Nigeria with an interest in nine blocks. The result at Usan-4 demonstrates our continued ability to deliver on our strategy of achieving superior exploration results from a focused, high impact exploration program and further complements our deepwater discoveries at Ukot, Nnwa, Aparo, and Agbami."

Nigerian National Petroleum Corp. (NNPC) is concessionaire for OPL 222 under a production sharing contract operated by the Nigerian subsidiary of Total, Elf Petroleum Nigeria Ltd. (20 percent) in partnership with Chevron Petroleum Nigeria Ltd. (30 percent), Esso Exploration & Production Nigeria (Offshore East) (30 percent) and Nexen Petroleum Nigeria Ltd. (20 percent).

ChevronTexaco Nigeria deep water affiliates hold significant contractor equity in OPL 213 (Operator), OPL-214, OPL 249 (Technical Advisor), OPL 216 (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 drilling at the Usan Field, located 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 the evaluation of additional testing, 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