press release

ChevronTexaco to be Awarded License for Plataforma Deltana Block 3

SAN RAMON, Calif., Mar. 10, 2004 -- ChevronTexaco's affiliate in Venezuela has been officially informed by the Ministry of Energy and Mines that the company will be awarded the exploration license for Plataforma Deltana Block 3. The block is located in an offshore region with significant natural gas potential on Venezuela's Atlantic continental shelf.

Commenting on the award, George Kirkland, President of ChevronTexaco Overseas Petroleum, said, "We are pleased with the Ministry's recent announcement which adds to our existing exploration position in Plataforma Deltana. A successful exploration program in Block 3 coupled with our ongoing activities in Block 2 could lead to a commercially viable resource base and a liquefied natural gas (LNG) business in Venezuela. Additionally, efforts continue to create gas market access to the United States for Atlantic basin LNG that are in alignment with our strategy to grow an integrated global gas business."

ChevronTexaco also has a 60 percent interest in Plataforma Deltana Block 2 as well as a 50 percent interest in Block 6d in Trinidad & Tobago, across the border with Venezuela.

Note to Editors:

ChevronTexaco activities in Venezuela include exploration, production, commercialization and marketing projects. In addition to the Plataforma Deltana Block 2 project, which the company operates with ConocoPhillips and PDVSA, ChevronTexaco operates the Boscán and LL652 fields in western Venezuela and holds a 30 percent share in the Hamaca Project, one of the four heavy oil associations in the prolific Orinoco Belt. The company also has a national network of 84 Texaco service stations, commercializes lubricants for vehicles and industrial clients and distributes jet fuel at the Arturo Michelena International Airport in Valencia. Through Chevron Oronite Latin America, the company holds a strategic alliance with Deltaven (a PDVSA subsidiary) to supply 80 percent of the requirement for lubricant additives to Deltaven. ChevronTexaco Headquarters for Latin America are located in Caracas and a high percentage of its personnel in Venezuela is formed by Venezuelan citizens who support the company operations all across the region.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about the significance of Plataforma Deltana to ChevronTexaco's global gas strategy. 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 actual changes in worldwide demand for natural gas, changes in environmental regulations, changes in technology, a successful exploration program, a timely development project, 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: March 2004