press release

Texaco Press Release - Texaco Named as Operator of Deepwater Block Offshore Angola

FOR RELEASE: MONDAY, JUNE 9, 1997.

London, June 9 - Sociedade Nacional de Combustiveis de Angola UEE (SONANGOL) and Texaco announced that operatorship of the deep water Block 22 offshore Angola has been awarded to Texaco following selection of the company's bid from proposals submitted by several major international operators. The award gives Texaco its first deep water operatorship offshore Angola.

"West Africa continues to be a strategic growth area for Texaco. The awarding of Angola, Block 22 increases our presence in this important production area. Additionally, Texaco's expertise in deepwater exploration can be applied to maximise the potential of Block 22," said Dr. Bruce S. Appelbaum, President of Texaco International Exploration Division.

Texaco is operator of shallow water Block 2-80/85 with current production of 110,000 barrels of oil per day. The company also has non-operated exploration interests in deep water blocks 16 and 20, as well as non-operated onshore production in the Fina- Sonangol-Texaco (F.S.T.) Area.

Updated: June 1997