ChevronTexaco Announces First Oil from Angolas Bomboco Field

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Jan. 5, 2005

ChevronTexaco Corp. today announced that its Angolan subsidiary, Cabinda Gulf Oil Company Ltd (CABGOC), has achieved first oil from the Bomboco Field in its operated Block 0 concession, offshore Malongo, Cabinda province. Bomboco is expected to reach an average daily production of 30,000 barrels of oil within the next year and is an integral component of CABGOC's Sanha Condensate project.

The Sanha processing facilities first received condensate (a valuable, light oil) from surrounding fields last month and first gas injection is expected to occur later this month. Condensate production from the Sanha field is scheduled to start early in the first quarter and first liquefied petroleum gas (a mixture of butane and propane) production from the Sanha floating production, storage and off-loading (FPSO) vessel is forecast for early in the second quarter.

Combined Sanha and Bomboco peak production of an estimated 100,000 barrels per day of oil and LPG is anticipated in 2007. Of particular importance, Sanha operations will significantly reduce gas flaring in Block 0.

Commenting on today's announcement, John Watson, president of ChevronTexaco Overseas Petroleum, said: "Bomboco first oil is an important milestone in the broader Sanha Condensate project, which will give a boost to ChevronTexaco's production in Africa – a continent where we continue to make strong progress toward achieving our strategic growth objectives."

Jim Blackwell, managing director of ChevronTexaco's Southern Africa Strategic Business Unit, added: "ChevronTexaco and our partners are moving forward to honor our commitment to eliminate routine natural gas flaring in Block 0. The Sanha project alone will eliminate routine flaring in Area B, reducing overall gas flaring on the entire block by some 50 percent. The project will help produce and conserve gas for the future, and we think it will set the standard for future environmental conservation efforts by energy companies in Angola.

"What truly sets Sanha apart is the creativity of its concept and its complexity. The project team, contractors and suppliers have delivered the Sanha and Bomboco development projects on time, on budget and with world-class safety performance.

"I would like to acknowledge the tremendous support of our partners and the Angolan government in reaching today's milestone."

Cabinda Gulf Oil Company Ltd., with 39.2 percent, is operator of the Block 0 concession on behalf of its partners: Sociedade Nacional de Combustíveis de Angola (Sonangol), 41 percent; Total, 10 percent; and Eni Angola Exploration B.V., 9.8 percent.

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