Chevron Announces Further Natural Gas Find in Australia

Chevron Corp. (NYSE:CVX) today announced a further drilling success in
the Carnarvon Basin offshore Western Australia, Australia′s premier
hydrocarbon basin.

The Orthrus-2 well is located in the WA-24-R permit area approximately
60 miles (100 kilometers) northwest of Barrow Island. The well was
drilled to a total depth of 14,098 feet (4,297 meters).

Combining both appraisal and exploration objectives, the well
encountered 243 feet (74 meters) of net gas pay, of which 102 feet (31
meters) of net gas pay was encountered in a deeper, previously
unexplored target interval in the Orthrus field.

George Kirkland, vice chairman, Chevron, said, 'The find at Orthrus-2
represents our tenth offshore discovery in Australia within the past 18
months. Our successful drilling program offshore Western Australia
demonstrates Chevron′s global exploration capability and our commitment
to technical excellence and safe operations.?

Jim Blackwell, president, Chevron Asia Pacific Exploration and
Production, said, 'Our leading Carnarvon Basin leasehold and our
accompanying exploration success help underpin further expansion
opportunities on the Gorgon Project.?

Chevron′s Australian subsidiary is the operator of WA-24-R and holds a
50 percent interest, while Mobil Australia Resources Company Pty Limited
holds 25 percent. Shell Development (Australia) Pty Ltd and BP
Exploration Alpha Ltd each hold a 12.5 percent interest.

Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.

Cautionary Statement Relevant to Forward-Looking Information for
the Purpose of 'Safe Harbor? Provisions of the Private Securities
Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Australia. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'projects,'
'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets' and similar
expressions are intended to identify such forward-looking statements.
The statements are based upon management's current expectations,
estimates and projections; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some of
which are beyond the company's control and are difficult to predict.
Among the factors that could cause actual results to differ materially
are changes in prices of, demand for and supply of crude oil and natural
gas; actions of competitors; the inability or failure of the company′s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of production and
development activities due to war, accidents, political events, civil
unrest, or severe weather; government-mandated sales, divestitures,
recapitalizations and changes in fiscal terms or restrictions on scope
of company operations; and general economic and political conditions.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Chevron Corporation

Gareth Johnstone, Singapore -- +65 9728 8375