ChevronTexaco Awarded License for Plataforma Deltana Block 3

ChevronTexaco's affiliate in Venezuela has been officially informed by the Ministry of Energy and Mines that the company will be awarded the exploration license for Plataforma Deltana Block 3. The block is located in an offshore region with significant natural gas potential on Venezuela's Atlantic continental shelf.

Commenting on the award, George Kirkland, President of ChevronTexaco Overseas Petroleum, said, "We are pleased with the Ministry's recent announcement which adds to our existing exploration position in Plataforma Deltana. A successful exploration program in Block 3 coupled with our ongoing activities in Block 2 could lead to a commercially viable resource base and a liquefied natural gas (LNG) business in Venezuela. Additionally, efforts continue to create gas market access to the United States for Atlantic basin LNG that are in alignment with our strategy to grow an integrated global gas business."

ChevronTexaco also has a 60 percent interest in Plataforma Deltana Block 2 as well as a 50 percent interest in Block 6d in Trinidad & Tobago, across the border with Venezuela.

ChevronTexaco activities in Venezuela include exploration, production, commercialization and marketing projects. In addition to the Plataforma Deltana Block 2 project, which the company operates with ConocoPhillips and PDVSA, ChevronTexaco operates the Boscan and LL652 fields in western Venezuela and holds a 30 percent share in the Hamaca Project, one of the four heavy oil associations in the prolific Orinoco Belt. The company also has a national network of 84 Texaco service stations, commercializes lubricants for vehicles and industrial clients and distributes jet fuel at the Arturo Michelena International Airport in Valencia. Through Chevron Oronite Latin America, the company holds a strategic alliance with Deltaven (a PDVSA subsidiary) to supply 80 percent of the requirement for lubricant additives to Deltaven. ChevronTexaco Headquarters for Latin America are located in Caracas and a high percentage of its personnel in Venezuela is formed by Venezuelan citizens who support the company operations all across the region.