press release

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

SAN RAMON, Calif., Dec. 9, 2004 -- ChevronTexaco Corporation's affiliate in Venezuela today confirmed that its offshore Plataforma Deltana Loran 3X exploration well in Block 2 has encountered significant amounts of natural gas.

Loran 3X is ChevronTexaco's second well in this block, southeast of the Loran 1X discovery drilled in 1982 by Petróleos de Venezuela, S.A. (PDVSA). The well extended the five shallow gas sands already discovered in Loran 1X and 2X to the southern portion of the field. In addition, a previously unproven, deeper exploratory sand also was targeted by this well and was gas-filled.

George Kirkland, president of ChevronTexaco Overseas Petroleum, said: "The successes of both the Loran 2X and now 3X further confirm our initial assessment of this test area in the Plataforma Deltana region as a potential source of new and significant natural gas reserves." Kirkland further noted that ChevronTexaco has long looked at the area as a key element of the company's strategy to grow an integrated global gas business.

The Loran 3X well encountered six gas sand intervals for a total gross thickness of 755 feet (230 meters). The well was tested at a rate in excess of 55 million standard cubic feet per day from two intervals. The new gas sand on its own tested at a rate of 35 million standard cubic feet per day. Both tests were equipment-restricted. The drilling of the well commenced Oct. 7, 2004, in 345 feet (105 meters) of water and reached its total measured depth of 9,976 feet ahead of schedule.

"With our primary exploration target being successful, we believe we understand the geologic framework, and after our final exploration well in December, we will be positioned to carry the project forward into the next evaluation phase," said Ali Moshiri, president of ChevronTexaco Latin America Upstream.

ChevronTexaco (60%) operates Block 2 in partnership with ConocoPhillips (40%). The Venezuelan Ministry of Energy and Mines recently awarded the company, along with PDVSA, 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 47,000 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

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 LL-652 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 are Venezuelans who support the company's operations all across the region.


Some of the items discussed in this press release are forward-looking statements about ChevronTexaco's plans for Plataforma Deltana Block 2 and its significance to the company's global gas business. 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: December 2004