ChevronTexaco Makes Deepwater Discovery Offshore Nigeria

ChevronTexaco confirmed the discovery of the Aparo-2 appraisal well on Nigeria's deepwater block OPL 213. The successful well was drilled and operated by ChevronTexaco affiliate, Texaco Nigeria Outer Shelf Ltd. (TNOS), 100 percent contractor equity holder and operator, on behalf of the Nigerian National Petroleum Corp.

The Aparo-2 appraisal well was drilled in a water depth of 4,100 feet and is located approximately 3.5 miles north of TNOS' Aparo-1 oil discovery, made in 2001, and less than one mile south of the OML 118 Bonga SW-2 appraisal well, drilled in 2002.

Aparo-2 drilling operations commenced in May 2002 and the well was drilled to a total depth of 11,573 feet (3,527 meters) and encountered a substantial amount of net oil sand. Following a successful drill stem test, the well was suspended.

Success of the Aparo program indicates that the OPL 213 Aparo and OML 118 Bonga SW discoveries share a common structure and will likely become a joint oil development by the OPL 213 and OML 118 operators.

"Nigeria deepwater is an integral part of ChevronTexaco's growth strategy for West Africa and this confirmation of our discovery in OPL 213 further enhances our already very strong position there," said George Kirkland, president of ChevronTexaco Overseas Petroleum.

Adding his comments, Jay Pryor, TNOS and ChevronTexaco Mid-Africa strategic business unit managing director said, "The Aparo-2 results confirm the commercial viability of Block 213 and vindicate our earlier commitment to the area, which we demonstrated when we obtained the operatorship and 100 percent contractor equity with the strong support of NNPC in 1999. We will be working jointly with the OML 118 operator over the next few months to ascertain the optimum development of these resources."

In addition to OPL 213, the affiliate companies of ChevronTexaco Corp. in Nigeria hold significant deepwater contractor equity in the following concessions: OPL 214; OPL 216 (Technical Partner); OPL 217; OPL 218; OPL 222; OPL 250 (Operator); and OPL 318.