press release

ChevronTexaco Subsidiary Announces Successful Gas/Condensate Appraisal Wells Offshore

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

LAGOS, April 24, 2003 -- ChevronTexaco's Nigeria affiliate, Chevron Nigeria Limited (CNL), has announced the successful appraisal of a significant gas/condensate resource at the Sonam Field, located in shelf concession OML 91 in the shallow waters offshore Nigeria. The Sonam 04 and sidetrack, Sonam 04stl, appraisal wells were drilled by operator CNL on behalf of the Nigerian National Petroleum Corp. (NNPC)

The well results indicate a larger reserves potential than had previously been estimated with approximately 400 net feet of gas condensate pay found in each well. Two sandstone reservoirs demonstrated excellent reservoir quality during testing -- with a combined test rate 58 million standard cubic feet (mmscf) of gas and 1,900 barrels (bbls) of condensate per day, while the second sand tested at a rate of 30 mmscf of gas and 5,600 barrels (bbls) of condensate per day. Both test rates were limited by the test equipment.

Commenting on the announcement, George Kirkland, president of ChevronTexaco Overseas Petroleum, said: "This successful appraisal program is a further boost to ChevronTexaco's successful exploration record in Nigeria, which is central to the company's plans to increase the value of its upstream assets in Africa."

Adding his comments, Jay Pryor, managing director of CNL, said: "Sufficient reserves exist to move forward with the evaluation of Sonam development options, including a possible tie in to Phase 3 of the Escravos Gas Project in the Western Niger Delta, or an early production system for stand alone condensate production with gas recycling.

"The development of Sonam would be in alignment with ChevronTexaco's goal to commercialize its undeveloped natural gas reserves. It would also support the Government of Nigeria's objective to develop the country's natural gas industry."

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 significance of the results of the appraisal drilling at the Sonam Field and the company's expectations for development of the field. The statements are based on 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 the results of the evaluation of additional testing, results of the evaluation of potential development alternatives, local political events and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this 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: April 2003