press release

ChevronTexaco Finds Oil in Four Wells Drilled in Offshore Cambodia Block A

SAN RAMON, Calif., Jan. 12, 2005 -- ChevronTexaco announced today that its affiliate has discovered oil in four exploration wells in offshore Cambodia Block A. The 6,278 square kilometer block, encompassing the Khmer Basin with water depths averaging 240 feet, was awarded to Chevron Overseas Petroleum (Cambodia) Ltd. (COPCL), and its partners in March 2002. COPCL has a 55 percent interest in the block and is the operator.

Oil pay logged in the wells ranges from 41 feet to 139 feet. Analysis of samples indicates the oil is 44 degree API crude.

John Watson, president of ChevronTexaco Overseas Petroleum, said: "The preliminary results of these exploration wells are promising, and they underscore the further success of our focused global exploration program. As a new exploration area for ChevronTexaco, Cambodia could offer the potential to build upon our already strong position in the Gulf of Thailand."

Keli Taureka, Managing Director of ChevronTexaco's Asia South Business Unit, added: "We are very encouraged to find oil in each of the first four wells of this drilling program, especially given that prior to us acquiring this block it had been explored through nine previous wells. However, it is important to complete the drilling program and fully assess the well results to determine the potential commerciality of the finds."

The five-well campaign began on October 13, 2004, with the drilling of the Pisnuka #1 which reached a total depth (TD) of 11,874 feet. The second well, Sovann Phum #1 spudded on November 4, 2004 (TD 12,232 feet), the third well, Sirey Sambat #1 on December 8, 2004 (TD 11,712 feet), and the fourth well, Pimean Akas #1 on December 27, 2004 (TD 11,660 feet). The drilling program will conclude with one more exploration well that is expected to be completed in February 2005.

The other partners in Block A are Moeco Cambodia Ltd. (30 percent interest) and LG Caltex Oil Co. (15 percent interest).

ChevronTexaco Corp. 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 chevrontexaco.com.

In Asia Pacific, ChevronTexaco has upstream activities in China, Thailand, Cambodia, Indonesia and the Philippines. In Cambodia, in addition to the upstream business, ChevronTexaco has a significant and long term investment in Cambodia in downstream marketing through its Caltex brand. Established in 1995, Caltex Cambodia Ltd., a ChevronTexaco company, currently has one terminal, three depots, 27 service stations and more than 500 personnel.

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 ChevronTexaco's plans for drilling in offshore Cambodia Block A. 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 conditions affecting supply and demand for crude oil and natural gas; inability or failure of the company's joint-venture partners to fund their share of project expenditures; changes in local government regulation; and general economic, social and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the 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: January 2005