ChevronTexaco confirms partner agreement on Nigeria deepwater block OPL 216

ChevronTexaco has reached an agreement with the Nigerian National Petroleum Corp., Famfa Oil Ltd.; ChevronTexaco affiliate, Star Deep Water Petroleum Ltd.; and Petroleo Brasiliero Nigeria Ltd. that will govern future operations on the petroleum concession covered by OPL 216, offshore Nigeria. The agreement clears the way for planned activities toward the development of the Agbami field, offshore Nigeria.

ChevronTexaco has reached an agreement with the Nigerian National Petroleum Corp., Famfa Oil Ltd.; ChevronTexaco affiliate, Star Deep Water Petroleum Ltd.; and Petroleo Brasiliero Nigeria Ltd. that will govern future operations on the petroleum concession covered by OPL 216, offshore Nigeria. The agreement clears the way for planned activities toward the development of the Agbami field, offshore Nigeria.

The Agbami partners will move ahead immediately with the project bidding process, which will lead to the award of contracts for the provision of a FPSO vessel and the construction and installation of subsea production facilities.

The Agbami field ranks among the largest single discoveries in deepwater West Africa, spanning an area of 45,000 acres that straddles OPL 216 and OPL 217.

The initial discovery well, announced in January 1999, encountered 420 ft of net pay in multiple zones. Produced hydrocarbons from the reservoir are light and sweet with no contaminants.

07/14/03

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