press release

Texaco Press Release - Texaco Is Named Operator of Three Offshore Licenses


LONDON, MAY 11 - Texaco was awarded four offshore licenses, and will operate three, in the Atlantic Margin 19th Round license awards. Texaco won four out of the nine licenses granted, amounting to a total acreage of 882 sq km across seven blocks.

Bill Maloney, Texaco's Vice President, New Ventures, welcomes this provisional award announcement and said "we are optimistic that these areas contain a large resource potential that could add significantly to Texaco's production in the UK."

Texaco, along with its partners, plan to start drilling operations next summer in the Atlantic Margin.

The 19th Round offered industry its first chance to license acreage adjacent to the new Faroes-UK international boundary, outboard of the producing Foinaven and Schiehallion fields. The acreage lies in approximately 1000 metres of water and presents multiple exploration prospects. Texaco awaits the formal award of the licenses once the Offshore Petroleum Activities (Conservation of Habitats) Regulations 2001 comes into effect at the end of May, so that further exploration of the UK Continental Shelf may begin.

Notes to Editors

Texaco has been awarded interests in the following Blocks:

Block 204/17 Blocks 213/5 & 214/1
Texaco 60% (operator) Texaco 90% (operator)
Conoco 20% Intrepid Energy North Sea 10%
EDC (Europe) Ltd 20%
Blocks 213/26 & 27 Blocks 204/9 and 10
Texaco 100% Texaco 32.5%
Dong Efterforskning Og Produktion 20%
OMV 15%
Amerada Hess 32.5% (operator)

Note: The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this website, such as potential recoverable reserves, estimated tonnes of oil and condensate, gas in place and estimated resources, that the SECs guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the Supplemental Oil and Gas Information disclosure in our 2000 Annual Report on Form 10-K filed with the SEC on March 26, 2001, File No. 1-27, available from us at: Texaco Inc. 2000 Westchester Avenue, White Plains NY 10650, ATT. Secretary. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Updated: May 2001