Chad-Cameroon Oil Project Celebrates Official Project Inauguration

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Oct. 10, 2003

ChevronTexaco announced today the inauguration of the Chad Cameroon Oil Development and Pipeline Project at a ceremony held at the project's operations center in Kome, southern Chad.

Commenting on the inauguration, George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The Chad Cameroon Development Project is a key component of our long-term growth strategy in Africa. It adds to our already large portfolio of producing assets on the continent, but at the same time we take great pride in the project also representing unprecedented efforts to ensure economic and social benefits flow to the citizens of Chad and Cameroon.

"Accomplishing these goals required innovative thinking and a strong commitment by the governments of Chad and Cameroon, the partners, ExxonMobil, Petronas and ChevronTexaco as well as the World Bank Group."

The ceremony recognized milestones in the construction and the operational phases of the project. Completed one year ahead of schedule, the pipeline transports previously landlocked oil 660 miles from the Bolobo, Miandoum and Kome oil fields, near Doba, in southern Chad, through eastern Cameroon to an export terminal facility at Kribi, Cameroon in the Gulf of Guinea. There the oil is trans-shipped from a floating storage and offloading (FSO) vessel, located seven miles offshore, for export to world markets.

Next steps for the project include completion of the central treating facilities by year-end 2003. Full production capacity of 225,000 barrels per day is targeted for early in 2004, while drilling operations will continue in the oil fields over the next two years.

ChevronTexaco has 25 percent equity in the project. Its partners are ExxonMobil subsidiary, Esso Exploration and Production Chad Inc. (operator, with 40 percent), and Petronas (35 percent). Project construction began in October 2000.


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