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:

Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at

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

This press release of Chevron Corporation contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "recoverable reserves" or "reserves" and others are used in this press release that may not be permitted to be included in documents filed with the SEC. U.S. investors should refer to disclosures in Chevron's Annual Report on Form 10-K for the year ended December 31, 2005.

Updated: July 2006