ChevronTexaco wins license for Plataforma Deltana block 3

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

"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," George Kirkland, president of ChevronTexaco Overseas Petroleum, said. "Additionally, efforts continue to create gas market access to the US for Atlantic basin LNG that are in alignment with our strategy to grow an integrated global gas business."

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

03/11/04