press release

Statement on Chevron Nigeria Incident

SAN RAMON, Calif., May 1, 2007 -- A Chevron Nigeria Limited oil vessel was boarded by militants offshore Nigeria's Bayelsa state earlier today. Nigerian government security forces suffered casualties during the incident, and six Chevron employees have been taken hostage. Subsequently, Chevron has issued the following statement:

"Chevron Nigeria Limited's Oloibiri Floating Storage and Offloading (FSO) facility was boarded by militants, and six expatriate employees were kidnapped earlier today. The nationalities of the hostages are 4 Italian, 1 Croatian and 1 American.

"The incident has been reported to all appropriate authorities. Chevron is currently working to resolve the situation as quickly as possible. The safety of all involved and the safe return of our employees is our top priority.

"The FSO vessel is moored near the Funiwa Platform, offshore Bayelsa state. The FSO supports fields that currently produce approximately 15,000 barrels of oil per day (gross production). The fields have been shut down to avoid any additional security or safety incidents."

For updated information, please check www.chevron.com.

Updated: May 2007