press release

ChevronTexaco to Operate new LNG Carrier as part of Australia's North West Shelf Venture Project

SAN RAMON, Calif., Mar. 17, 2004 -- ChevronTexaco Shipping Co. LLC today announced one of its affiliates will serve as the operator of the North West Shelf Venture (Venture) Gas Project's newest vessel, the Northwest Swan. The vessel is currently planned to deliver liquefied natural gas (LNG) from the project's Western Australian operations to customers in Japan, Korea and China, as well as provide opportunities to deliver into the LNG spot market.

Mike Carthew, president of ChevronTexaco Shipping Co. LLC, said, "We are proud that ChevronTexaco has been chosen by the Venture participants to serve as operator of the Northwest Swan, the ninth and largest vessel in their fleet. We are committed to bringing our strong record of safety, reliability and environmental performance to the operation of this newest generation of LNG carriers. As we join the other vessels in the fleet, we look forward to being a part of the Venture's operations and its plans to meet the growing demand for natural gas from its customers."

The Northwest Swan was constructed at the Daewoo Shipbuilding and Marine Engineering shipyard in Okpo, Korea. Unlike the fleet's other eight ships that are equipped with spherical tanks, the Northwest Swan will utilize a membrane containment system, which provides the ship with a more conventional profile. The vessel has a length of 287 metres, a beam of 43.4 metres, a draught of 11.5 metres and a capacity of 138,500 cubic metres, as compared to 125,000 cubic metres in the existing fleet. The ship will be operated by Chevron Transport Corp. Ltd., an affiliate of ChevronTexaco Shipping Co. LLC.

The ship was named today in a ceremony on Geoje Island, Korea, by Mrs. Jane Ann Gass, wife of John Gass, president of ChevronTexaco Global Gas.

Participants in the North West Shelf Venture, each of whom hold an equal interest, are: Woodside Energy Ltd. (operator); ChevronTexaco Australia Pty Ltd.; BHP Billiton Petroleum (North West Shelf) Pty Ltd.; BP Developments Australia Pty Ltd.; Japan Australia LNG (MIMI) Pty Ltd.; and Shell Development (Australia) Proprietary Limited.

Currently celebrating its 125th anniversary, ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 50,000 ChevronTexaco employees work in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. In July 2003, ChevronTexaco Global Gas was formed to commercialize the company's existing natural gas resource base and enable the creation and development of new natural gas growth opportunities worldwide. The organization includes -- ChevronTexaco Natural Gas, ChevronTexaco Shipping Co., Chevron Pipe Line Co., Global Power Generation, North American Regasification Ventures and International Marketing & Business Development. ChevronTexaco is one of the world's largest producers and marketers of natural gas, producing approximately 4.4 billion cubic feet of natural gas a day.

Updated: March 2004