press release

Texaco Press Release - Simone R. Gregori, Chairman of Texaco Overseas (Nigeria) Petroleum Company

Served As Managing Director of Texaco's Exploration and Production Companies in Nigeria

FOR IMMEDIATE RELEASE: FRIDAY, MAY 12, 2000.

WHITE PLAINS, N.Y., May 12 - Simone R. Gregori, Chairman of Texaco Overseas (Nigeria) Petroleum Company Unlimited (TOPCON) and Managing Director for Texaco's exploration and production activities in Nigeria has elected to retire, it was announced today by Texaco Senior Vice President John J. O'Connor.

Commenting on the announcement, O'Connor said, "As well as having oversight responsibility for TOPCON, Simone Gregori has managed the growth of Texaco's deepwater activities in Nigeria and was involved in the work that led to the discovery of the billion-barrel Agbami field.

"His focus and drive were instrumental in establishing Texaco's position as one of the largest deepwater acreage holders in Nigeria. Gregori has provided the direction and foresight to build an operation that is well-positioned for continued growth, as one of Texaco's five key focus areas."

Gregori, 60, graduated from The University of Padova, Italy in 1961 with a master of science degree. He earned a doctor of science degree in soil science from the same university in 1966.

He joined Texaco in 1980 as a senior representative in White Plains, N.Y., where he stayed until 1985 when he transferred to the company's office in Coral Gables, Fla as Negotiations and Contracts manager. In 1988, he relocated to Buenos Aires when he was named Vice President of Texaco Petrolera Argentina. He was appointed President of Texaco Trinidad, Inc. in 1991 and two years later, in 1993, moved back to Coral Gables as Assistant to the Vice President of Texaco's Latin America/West Africa division.

He was named Chairman and Managing Director of TOPCON, based in Lagos, Nigeria, in 1994.

Updated: May 2000