Chevron Renews Technical Services Agreement With Kuwait Oil Co.

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Jan. 27, 1998

Chevron today confirmed that it has entered into an agreement to extend its Technical Services Agreement with Kuwait Oil Co. (KOC) for another three and a half years. Under the agreement, Chevron will provide technical services for the development and transportation of crude oil from Kuwait's supergiant Burgan Field. The Burgan Field is the world's second largest oil field.

"Chevron is pleased to continue its mutually beneficial relationship to apply leading-edge technology to production from the Burgan Field," said Richard Matzke, president of Chevron Overseas Petroleum Inc., and a director of Chevron Corp.

Under the agreement, Chevron will continue to provide training, access to its exploration and production technology, and managerial assistance at the Burgan Field in southeast Kuwait, as well as any other activities and fields mutually agreed upon by the partners. More specifically, the agreement covers technical assistance in the management of operations related to exploration, production, transportation, treating, delivering and export of crude oil.

Chevron currently has about 30 engineers and geoscientists working in Kuwait.

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