press release

ChevronTexaco Informed of Pending License for Venezuelas Plataforma Deltana Block 2

CARACAS, Feb. 10, 2003 -- ChevronTexaco today confirmed that the Government of Venezuela has informed ChevronTexaco that they will be awarded the license for Block 2, one of five offshore blocks in the northeastern Plataforma Deltana, a major prospective natural gas region in Venezuela's Atlantic continental shelf. Block 2 contains the significant undeveloped gas accumulation known as the Loran Field, discovered in 1982 by Petroleos de Venezuela, S.A. (PDVSA), the state-owned oil and gas company.

Once the license is issued, ChevronTexaco will begin the exploration and delineation program of Block 2 to determine commerciality and has three years to complete this evaluation.

ChevronTexaco also has a 50 percent interest in Block 6d in Trinidad and Tobago which contains the cross border extension of the Loran Field.

ChevronTexaco currently holds a 30 percent interest in the Hamaca project, one of Venezuela's five strategic partnerships in the prolific Orinoco belt, and operates both the Boscan and LL-652 fields in western Venezuela.

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 development of Block 2 in the Plataforma Deltana region, offshore Venezuela, and other potential future activities in Venezuela. These statements are based on current expectations, estimates and projections. The statements included in this release are not guarantees and actual outcomes and results could differ materially from what is expressed or forecasted in these forward-looking statements.

Updated: February 2003