ChevronTexaco flows first oil from Angola's Bomboco field

ChevronTexaco Corp. announced that its Angolan subsidiary, Cabinda Gulf Oil Co. Ltd. (CABGOC), achieved first oil from the Bomboco field in its operated block 0 concession, offshore Malongo, Cabinda province. Bomboco is expected to produce an average of 30,000 b/d within the next year and is an integral component of CABGOC's Sanha condensate project.

The Sanha processing facilities first received condensate (a valuable, light oil) from surrounding fields last month and first gas injection is expected to occur later this month. Condensate production from the Sanha field will start early in 1Q 2005 and first liquefied petroleum gas (a mixture of butane and propane) production from the Sanha FPSO is planned for 2Q 2005.

Combined Sanha and Bomboco peak production of an estimated 100,000 b/d and LPG is anticipated in 2007. Of particular importance, Sanha operations will significantly reduce gas flaring in block 0.

"Bomboco first oil is an important milestone in the broader Sanha condensate project, which will give a boost to ChevronTexaco's production in Africa – a continent where we continue to make strong progress toward achieving our strategic growth objectives," said John Watson, president of ChevronTexaco Overseas Petroleum.

Cabinda Gulf Oil Co. Ltd., with 39.2%, is operator of the block 0 concession on behalf of its partners: Sociedade Nacional de Combustiveis de Angola (Sonangol) 41%; Total 10%, and Eni Angola Exploration B.V. 9.8%.

1/5/05