ChevronTexaco Wins Onshore Block in Libya

ChevronTexaco's affiliate ChevronTexaco Libya Ltd. has been named successful bidder on one onshore block in Libya's first exploration license round, under the Exploration and Production Sharing Agreement IV terms.

ChevronTexaco has been made operator of Block 177, with 100 percent equity.

Commenting on the winning bid, which marks ChevronTexaco's return to the North African country after an absence of 28 years, Sam Laidlaw, executive vice president of Business Development, said: "We are delighted with the decision to declare ChevronTexaco the winning bidder on Block 177 in what was a highly competitive bid round. It is an important step forward in our strategy to build core businesses in the region. As a company with a substantial history in Libya, we are also pleased to once again partner with the government and people of Libya in developing the country's energy resources. We look forward to pursuing additional opportunities in the future."

Adding his comments, John Watson, president of ChevronTexaco Overseas Petroleum, said: "Today's announcement underscores the continued success of our corporate exploration strategy of focusing on core, high-impact opportunities around the world. As a new exploration area for ChevronTexaco, Libya offers the potential to build upon our already strong position in Africa. Our priority now is to work with the Libyan government to finalize the arrangements necessary for us to begin activities as early as possible."

Through its joint-venture company, Amoseas Libya, ChevronTexaco was one of the largest acreage holders in Libya in the early 1970s. Following a program of nationalization, the company settled its claim with the country's government in 1977 and relinquished all holdings.