press release

First Oil Achieved From 3rd Phase Development of UK North Sea Captain Field

LOCAL NEWS RELEASE: Issued in Aberdeen, Scotland

ABERDEEN, July 4, 2006 -- Chevron North Sea Limited, a UK subsidiary of Chevron Corporation announced today the successful production of first oil from its Captain Area C Project. Oil production from the project is expected to average 9,000 barrels per day over the first year with peak production of approximately 15,000 barrels per day achieved soon after start-up.

The Captain Field, located, approximately 68 miles north of Aberdeen, Scotland in the Inner Moray Firth, has been the subject of a multi-phase development plan. The current phase consists of one new production well drilled and completed earlier this year and one additional well to be drilled between June and August. Both subsea wells will be tied back to the Captain Platform 8 kilometers away.

Rick Cohagan, President and Managing Director of Chevron Upstream Europe said, "First oil from Captain C is a significant accomplishment and underscores Chevron's global upstream strategy of executing major projects with excellence and a commitment to making incremental investments in our North Sea assets. This project was completed ahead of time and within budget. The Captain Area C project team successfully executed the project while demonstrating that higher safety performance can be achieved."

The Captain Field is located in Block 13/22a and has been developed by Chevron and partner, the Korean Captain Company Limited, with investments totaling 66 million in the current phase of the project.

Notes to Editor:

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Published: July 2006