press release

Statement on the Safe Release of Employees Kidnapped in Nigeria

SAN RAMON, Calif., June 2, 2007 -- Earlier today, the six Chevron employees kidnapped from a Chevron Nigeria Limited oil vessel offshore Nigeria's Bayelsa state on May 1, 2007 were released. The six employees (four Italians, one Croatian and one American), were freed by their captors unconditionally and will be reunited with their families as soon as possible.

Subsequently, Fred Nelson, Chairman and Managing Director – Chevron Nigeria Limited issued the following statement:

"We are relieved with the release of our employees this morning. I want to thank the government of Nigeria, specifically those of Federal and Bayelsa State governments, and all others who have helped to secure the safe return of our employees. We at Chevron welcome them back to us and wish to especially thank their families for their patience and understanding during this difficult period."

Background on Chevron in Nigeria

Chevron Nigeria Ltd. (CNL), Chevron's principal subsidiary in Nigeria, operates and holds a 40 percent interest in 9 concessions covering 2.5 million acres, predominantly in the onshore and near-offshore regions of the Niger Delta. CNL operates under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC), which owns a 60 percent interest.

In 2006, total daily production from 30 fields averaged 387,000 barrels of crude oil (137,000 net), 72 million cubic feet of natural gas (29 million net cubic feet) and 5,000 barrels of liquefied petroleum gas (LPG) (2,000 net).

Chevron has a large acreage position in deepwater offshore Nigeria, with funding interests in 10 deepwater blocks encompassing approximately 4.4 million acres (17,853 sq km).

Updated: June 2007