ChevronTexaco Wins License for Block 2 Offshore Venezuela

ChevronTexaco confirmed that the Government of Venezuela has informed ChevronTexaco that they will be awarded the license for Block 2, one of five offshore blocks in the northeastern Plataforma Deltana, a major prospective natural gas region in Venezuela's Atlantic continental shelf. Block 2 contains the significant undeveloped gas accumulation known as the Loran Field, discovered in 1982 by Petroleos de Venezuela, S.A. (PDVSA), the state- owned oil and gas company.

Once the license is issued, ChevronTexaco will begin the exploration and delineation program of Block 2 to determine commerciality and has three years to complete this evaluation.

ChevronTexaco also has a 50 percent interest in Block 6d in Trinidad and Tobago which contains the cross border extension of the Loran Field.

ChevronTexaco currently holds a 30 percent interest in the Hamaca project, one of Venezuela's five strategic partnerships in the prolific Orinoco belt, and operates both the Boscan and LL-652 fields in western Venezuela.