press release

ChevronTexaco Media Statement - ChevronTexaco and Others to Study Potential LNG Facility in Nigeria

IN RESPONSE TO NEWS OF THE NIGERIA NATIONAL PETROLEUM CORPORATION, SHELL AND THE BG GROUP TO CONDUCT A FEASIBILITY STUDY ON A POTENTIAL LIQUEFIED NATURAL GAS PROJECT IN NIGERIA

SAN RAMON, Calif., April 12, 2005 -- ChevronTexaco confirmed that its subsidiary Chevron Nigeria Ltd has signed a Memorandum of Understanding ("MOU") with Nigerian National Petroleum Corporation ("NNPC"), BG Group ("BG"), and Shell Gas & Power Developments BV ("Shell") to jointly conduct and evaluate a feasibility study on the potential Olokola Liquefied Natural Gas (LNG) project to be located at the Olokola Free Trade Zone in Nigeria.

In February 2005, NNPC, ChevronTexaco and BG signed an MOU to study the Olokola LNG project. Under this latest MOU, Shell will join NNPC, ChevronTexaco and BG to collaboratively evaluate the feasibility of a potentially larger LNG development at Olokola.

NNPC, ChevronTexaco, BG and Shell will further evaluate the concept and any future decisions to progress Olokola LNG will depend on the results of the feasibility study, including investment figures and project timelines.

Updated: April 2005