press release

ChevronTexaco Sells its Upstream Assets in Bangladesh

Company Will Focus on Assets More Aligned With Strategic Growth Objectives

This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary, Chevron International Bangladesh Ltd., and archived here for record purpose.

DHAKA, Bangladesh, Sep. 17, 2003 -- ChevronTexaco announced today that it has sold its subsidiary, Chevron International Bangladesh Ltd. (CIBL), to Niko Resources (Caymen) Ltd., a Canadian company. CIBL was responsible for ChevronTexaco's activities in Block 9, an onshore gas exploration opportunity in Bangladesh.

CIBL had a 60 percent interest in the 6,880 square kilometer (2,656 square mile) block, which includes the capital city of Dhaka.

Commenting on the announcement, Isikeli Taureka, managing director of ChevronTexaco Overseas Petroleum's South Asia business unit said, "We have enjoyed an outstanding relationship with the people and government of Bangladesh, however our decision was a result of the company's drive to focus on assets more aligned with our strategic growth objectives."

The other participants in Block 9 are Tullow Bangladesh Ltd., with a 30 percent interest and Bapex, the Bangladesh Petroleum Exploration and Production Co. Ltd., which holds the remaining 10 percent interest.

Financial details of the sale were not disclosed.

About ChevronTexaco

Based in San Ramon, Calif., ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas, and marketing fuels and other energy products.

Updated: September 2003