press release

ChevronTexaco Announces Successful Results from Tahiti Appraisal Wells in Deepwater Gulf of Mexico

Net Pay Thickness Among Greatest in Deepwater Gulf of Mexico History

SAN RAMON, Calif., April 22, 2003 -- ChevronTexaco today announced positive results from two Tahiti appraisal wells, confirming one of the most significant net pay accumulations in the history of the deepwater Gulf of Mexico. The two-well appraisal program confirmed that the reservoirs in Tahiti are well developed and correlate over a three-mile distance. Results validated the hydrocarbon reservoirs found in the Tahiti discovery well, with one appraisal well encountering more than 1,000 feet of net pay in high-quality sandstones.

The Tahiti appraisal wells, located in Green Canyon blocks 596 and 640, approximately 190 miles southwest of New Orleans, were drilled in slightly more than 4,000 feet of water. The wells were drilled simultaneously using two rigs, the Glomar Explorer and the Transocean Inc. Discoverer Deep Seas, each drilling a vertical well with a sidetrack.

The Tahiti appraisal program has provided verification of the company's initial estimates of 400 million to 500 million barrels of ultimate recoverable oil reserves. The estimates were announced in June 2002, soon after the discovery. Appraisal drilling is continuing. A production test of the discovery well is planned for the first quarter of 2004.

Chairman and CEO Dave O'Reilly, said, "Successful completion of these appraisal wells is yet another demonstration of the deepwater Gulf of Mexico's significant potential for development. ChevronTexaco's world-class deepwater exploration, drilling and production capabilities continue to produce outstanding results."

"After the success of the discovery well, we have aggressively pursued appraisal and project team activities, including the drilling of two appraisal wells simultaneously and early staffing of a project development team," said Peter Robertson, ChevronTexaco's vice chairman.

"Considerable work is still ahead to evaluate the results of these wells and to screen development alternatives to optimize value," Robertson added. "However, our aggressive approach is designed to reduce cycle time without compromising investment-decision quality."

ChevronTexaco is the operator of the Tahiti Prospect with a 58 percent working interest. Tahiti partners are EnCana Gulf of Mexico LLC (25 percent working interest) and Shell Exploration & Production Inc. (17 percent working interest).

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 two Tahiti appraisal wells and future production potential of the deepwater Gulf of Mexico. 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, results of the evaluation of 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.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. The term "ultimate recoverable oil reserves" is used in this press release but is not permitted to be included in documents filed with the SEC.

Updated: April 2003