ChevronTexaco Offers to Market Interests in Three North Sea Producing Properties

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Jul. 15, 2003

ChevronTexaco's Upstream Europe business unit announced today it will offer to market its equity in three producing fields in the North Sea. The company's net share of production from the properties offered totals approximately 21,500 barrels of oil-equivalent production per day.

The properties on offer comprise the company's interest in the Galley, Orwell and Statfjord fields. The company expects to complete the disposals process by the end of the first quarter of 2004.

"The offer to market these properties is part of ChevronTexaco's focus on maximizing the value of our base business, and will improve operating efficiency and strengthen the performance of our upstream Europe portfolio," said Gary Luquette, managing director, ChevronTexaco Upstream Europe. "Our upstream Europe assets remain a valuable part of ChevronTexaco's portfolio, and we will continue to pursue strategically aligned opportunities for profitable growth in the region."

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