press release

Successor Operators Announced for Papua New Guinea Assets

This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary, Chevron Niugini Ltd., and archived here for record purpose.

PORT MORESBY, May 19, 2003 - Chevron Niugini Ltd. (CNGL), on behalf of its joint-venture participants, announced today that Oil Search Ltd, or its relevant subsidiaries, has been appointed the successor operator to CNGL for Petroleum Development Licence 2 (Kutubu), Pipeline Licence 2, Moran Unit, Petroleum Development Licence 4 (Gobe Main), SE Gobe Unit, Pipeline Licence 3, and Petroleum Prospecting Licence 219.

In addition, Esso Highlands Limited has been appointed the successor operator to CNGL for Petroleum Retention Licences 2 (Juhu) and 3 (P'nyang).

These appointments follow the announcement by ChevronTexaco on 11 April 2003, that it planned to sell its interests in PNG and resign operatorship of its PNG joint ventures as part of ChevronTexaco's drive to focus on assets more aligned with strategic growth objectives. CNGL is ChevronTexaco's subsidiary in PNG. The sales process is continuing.

CNGL's PNG asset manager, Mike Casey, said CNGL would work closely with the joint-venture participants and the successor operators to ensure a safe, smooth and effective transition for employees, contractors, landowners, local communities and the PNG government.

Read the ChevronTexaco in Papua New Guinea Fact Sheet [PDF]

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

This news release contains forward-looking statements about the planned sale of ChevronTexaco's interests in Papua New Guinea. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the identification of a buyer and timing and terms of the sale of the company's interests; local and general economic conditions; and local political events. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: May 2003