PDVSA Announces Payment in Full of Hamaca Project Debt

All of the outstanding senior indebtedness of the Hamaca heavy oil project in the Faja region of Venezuela was prepaid in full on Friday, December 14, 2007 to Petróleos de Venezuela (PDVSA).

A final prepayment of principal in an aggregate amount of approximately US$ 340 million, plus interest, was made on December 14, after an initial prepayment of principal in an aggregate amount of US$ 400 million, plus interest, was made on November 30, 2007. Prepayments were made out of project funds by Corpoguanipa, S.A., a wholly-owned subsidiary of PDVSA, and Texaco Orinoco Resources Company, a wholly-owned subsidiary of Chevron Corporation.

The senior indebtedness consisted of a syndicated bank credit facility, with BNP Paribas as administrative agent, and a bank credit facility guaranteed by the Export-Import Bank of the United States, with Barclays Bank as facility agent.

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