press release

Chevron Press Release - PT Caltex Pacific Indonesia To Explore New Tract Offshore Indonesia

SAN FRANCISCO, Oct. 8, 1996 -- PT Caltex Pacific Indonesia (CPI), a jointly owned affiliate of Chevron Corporation and Texaco Inc., has acquired a new Production Sharing Contract (PSC) off the northwest coast of Sumatra. The 3,792-square-mile (9,821-square-kilometer) block, named Sibolga, lies offshore the provinces of Aceh and North Sumatra, adjacent and to the north of CPI's Nias offshore tract.

The new PSC was signed in Jakarta by Pertamina, the Indonesian government oil company, Chevron Sibolga Limited, and Texaco Exploration Sibolga Inc. CPI is the operator and will begin evaluating the Sibolga tract as soon as possible.

The Sibolga PSC contains extensions of geologic trends recognized in CPI's Nias PSC, immediately to the south. Water depths in Sibolga range from less than 33 feet (10 meters) to more than 2,133 feet (650 meters). Seismic data will be collected throughout the block using a state-of-the-art, highly sophisticated marine seismic acquisition and processing vessel. An environmental assessment study will be conducted at the start of exploration activities.

In the Nias Block, CPI is continuing its active evaluation program, using three-dimensional (3-D) seismic to evaluate the potential of a newly identified trend and to shorten potential development time.

Note to Editors:

In Central Sumatra, CPI operates four onshore PSC blocks located in Riau Province -- Siak, Rokan, Coastal Plains Pekanbaru, and Mountain Front Kuantan. These four blocks include the Minas Field, the largest oil field in Southeast Asia and the Duri Field, site of the most extensive steamflood project in the world. CPI is Pertamina's largest production-sharing contractor, currently producing 760,000 barrels of oil per day, which amounts to approximately 50 percent of Indonesia's total oil production.

Updated: October 1996