press release

Texaco Press Release - Timan Pechora Company Names Richard A. D. Freeman President and CEO


WHITE PLAINS, N. Y., July 13 - Richard A. D. Freeman has been named President and Chief Executive Officer of the Timan Pechora Company L.L.C. (TPC), effective August 1, it was announced today by current TPC President and Chief Executive Officer Frank C. Ingriselli. Freeman currently is Vice President and Head of Representation for Texaco's operations in Russia, as well as for TPC. Ingriselli will return to Texaco's headquarters in White Plains, N.Y., as Assistant to Management in the office of Texaco Inc. Senior Vice President William M. Wicker.

Timan Pechora Company, headquartered in Houston, Texas, is owned by affiliates of Texaco, Exxon, Amoco and Norsk Hydro. The company was formed in 1994 to explore, appraise and develop oil fields within a contract area in the Timan Pechora basin, located 1,770 kilometers northeast of Moscow, above the Arctic Circle on the Pechora Sea.

Since completing negotiations with the federal government 18 months ago on a Production Sharing Agreement, the company has been cementing the relationships necessary for the Timan Pechora Project to proceed. TPC's technological expertise and financial strength will enable the project, when commercialized, to make a significant contribution to the revitalization of Russia's oil industry and to the country's economic growth.

"Large-scale foreign investment, such as the Timan Pechora Project, is vital for the economic growth of Russia," explained Ingriselli. "Richard Freeman's broad international experience and his familiarity with issues in Russia today make him the ideal candidate to lead TPC."

A graduate of Oxford University, Freeman began his career in the oil industry with British Petroleum, working in various assignments in London, Nigeria and New York. He joined Texaco's Eastern Hemisphere Producing Department in 1973 as Coordinator for Iranian Consortium matters. He later was appointed Assistant Manager - Middle East Operations, and served as Texaco's representative in the Aramco Study Group, a body that included representatives from each of the four U.S. companies that formed Aramco.

Freeman held successive assignments in Texaco's Affiliate Analysis, Oil Trading and Supply, and Corporate Planning and Economics departments commencing in 1985. He was named Executive Vice President of Texaco Middle East Limited in Dubai in 1990. Freeman returned to Texaco's corporate offices in Harrison, N.Y., in 1993, where he was responsible for the development of new business in the Caspian region and Central Asia. He was named to his current position in Moscow in 1995. Freeman will remain in Moscow in his new assignment.

Updated: July 1998