press release

ChevronTexaco Makes Discovery at "Tahiti" Prospect in Deep Water Gulf of Mexico

NEW ORLEANS, April 1, 2002 -- ChevronTexaco today announced a significant discovery at the Tahiti Prospect located in Green Canyon Block 640. The block is approximately 190 miles southwest of New Orleans.

The Tahiti #1 well is located in approximately 4,017 feet of water and was drilled to a depth of 28,411 feet on March 29 using the Transocean Sedco Forex Discoverer Deep Seas drilling vessel. Results from the exploratory well indicate the presence of high quality reservoir sand with total net pay of over 400 feet.

"We are very encouraged by the results of this well and the potential of our ongoing exploration efforts," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit. "This is a key discovery and builds off the assets that Chevron and Texaco jointly owned before the merger. We are also very pleased about the strong working relationship we have with our partners, PanCanadian and Enterprise."

Ray Wilcox, president, ChevronTexaco North America Upstream, said "The combination of Chevron and Texaco has given us a much stronger position in the deepwater Gulf of Mexico, and specifically on this major discovery."

ChevronTexaco is the operator of the Tahiti Prospect with 58 percent working interest. Tahiti partners are PanCanadian (25 percent working interest) and Enterprise (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 Tahiti Prospect. These are based on management's current expectations, estimates and projections. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed in these forward-looking statements.

Updated: April 2002