Chevron Upstream Europe

Chevron Upstream Europe

February 24, 2005 13:44 ET

ChevronTexaco Upstream Europe - First Oil from Clair Field, West of Shetland


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CHEVRON TEXACO UPSTREAM EUROPE

FEBRUARY 24, 2005 - 13:44 ET

ChevronTexaco Upstream Europe - First Oil from Clair
Field, West of Shetland

ABERDEEN, SCOTLAND--(CCNMatthews - Feb. 24, 2005) - ChevronTexaco
Upstream Europe (CTUE) today welcomed Operator BP's announcement of
first oil production from the Clair field, 47 miles west of Shetland.

ChevronTexaco holds a 19.4% interest in Clair, which is expected to
build to peak production of some 60,000 barrels of oil and 15 million
cubic feet of gas per day, from the first stage of the field's
development.

Gary Luquette, President and Managing Director for CTUE, said: "We
congratulate our partners for this significant achievement. This
technological success in a complex heavy oil reservoir shows
determination and pioneering spirit of all involved to deliver a project
of importance to both to the industry and the U.K.

"Our partnership in the Clair field development highlights our
commitment and focus on core high-impact opportunities both in the U.K.
and throughout the world. Our recent awards in the 22nd UK Licensing
Round and the Faroes 2nd Licence Round demonstrate ChevronTexaco's
commitment to its goal of long-term growth and investment in the
Atlantic Margin. "

Production from Clair will add to ChevronTexaco's existing equity
production in Europe. The Clair development comprises a conventional
platform with production and process topside facilities, supported by a
fixed steel jacket. The development is the first steel based structure
in the west of Shetland area.

Gary Luquette added: "We also applaud the strong focus on safety which
has ensured that first oil has been delivered without incident."

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Note for editors

- The co-venturers in the Clair development are:

Chevron UK
19.4%

BP (operator)
28.6%

Conoco
24.0%

Enterprise Oil
18.7%

Amerada Hess
9.3%

- Discovered in 1977 with the 206/8-1a exploration discovery well, Clair
is located 47 miles west of Shetland in approximately 140 metres of
water.
- Clair was considered the largest undeveloped resource on the UK
Continental Shelf.
- The Clair field covers five licence blocks - 206/7a; 206/12; 206/8;
206/13a; and 206/9.
- Gary Luquette, President & Managing Director, CTUE was appointed Chair
of Step Change in Safety for 2005.

Further information contact: Ruth Parkhouse, Manager, Government &
Public Affairs on 00 44 (0) 1224 334209

This press release contains forward-looking statements about the
Company's exploratory position on the United Kingdom Continental Shelf.
The statements are based upon management's current expectations,
estimates, and projections. They are not guarantees of future
performance and are subject to certain risks, uncertainties and other
factors, some of which are beyond the company's control and are
difficult to predict. Among the factors that could cause actual results
to differ materially are the results of the exploratory program, local
political events and general economic conditions. You should not place
undue reliance on these forward-looking statements, which speak only as
of the date of the press release. Unless legally required, ChevronTexaco
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas
companies to disclose only proved reserves in their filings with the
SEC. Certain terms, such as the volumes the company may "ultimately
recover" or "is expected to recover" are used in this press release that
may not be permitted to be included in documents filed with the SEC.



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Contact Information

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