press release

ChevronTexaco Announces Successful Results of Plataforma Deltana Block 2 Well in Venezuela

SAN RAMON, Calif., Oct. 11, 2004 -- ChevronTexaco's affiliate in Venezuela today confirmed that its offshore Plataforma Deltana Loran 2X exploration well in Block 2 has encountered a significant amount of natural gas.

Loran 2X is ChevronTexaco's first well in Block 2, which is on a fault block adjacent to the original Loran 1X discovery well drilled in 1982 by Petróleos de Venezuela, S.A. (PDVSA).

George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The confirmation of the Loran field discovery could go a long way toward developing a commercially viable natural gas resource base in Venezuela, which would align with our strategy to grow an integrated global gas business. This success underscores our corporate exploration strategy of focusing on core, high-impact opportunities and builds on our other recent exploration successes in Australia, Nigeria and Angola."

The Loran 2X well encountered five gas sand intervals for a total gross thickness of 494 feet (149 meters). The well was tested at a rate in excess of 32 MMCFD from two sand intervals and both tests were equipment-restricted. The well commenced drilling on schedule August 11, 2004 in 360 feet (109 meters) of water and has reached its total depth as planned.

"We are optimistic with the results of the Loran 2X well," said Ali Moshiri, president of ChevronTexaco Latin America Upstream. "We have now completed testing of two major reservoirs in Block 2 and we plan to drill two more wells by the end of the year," Moshiri added.

ChevronTexaco (60%) operates Block 2 in partnership with ConocoPhillips (40%). The company, along with PDVSA, was recently awarded by the Venezuelan Ministry of Energy and Mines the exploration license for Plataforma Deltana Block 3, which is on trend with Block 2.

Currently celebrating its 125th anniversary, ChevronTexaco is one of the world's leading energy companies. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at chevrontexaco.com

Editor's Note: ChevronTexaco activities in Venezuela include exploration, production, commercialization and marketing projects. Besides Plataforma Deltana Blocks 2 and 3, ChevronTexaco operates the Boscán and LL652 fields in Western Venezuela and holds a 30% share in the Hamaca Project, one of the four heavy oil strategic associations in the prolific Orinoco Belt. It also has a national network of 84 Texaco-branded service stations, commercializes lubricants for vehicles and industrial clients and distributes jet fuel at the Arturo Michelena International Airport in Valencia. Through Chevron Oronite Latin America, the company holds a strategic alliance with Deltaven (a PDVSA subsidiary) supplying 80% of requirements for lubricant additives to Deltaven. ChevronTexaco headquarters for Latin America are located in Caracas and a high percentage of its personnel in Venezuela are formed by Venezuelan citizens who support the company operations all across the region.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of l995.

Some of the items discussed in this press release are forward-looking statements about ChevronTexaco's plans for Plataforma Deltana Block 2. The statements are based upon 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 changes in demand for and prices of crude oil and natural gas, the results of additional drilling and testing, results of 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.

Updated: October 2004