Chevron Announces First Gas from Platong II Project in Gulf of Thailand

Chevron Corporation (NYSE: CVX) announced today that its Thailand
subsidiary has commenced natural gas production from the Platong II
project in the Gulf of Thailand.

The US$3.1 billion project is expected to ramp up production to 330
million cubic feet per day. The natural gas will feed growing demand for
energy in Thailand, increasing the country′s domestic production by more
than 10 percent, and boosting Chevron′s net natural gas production from
the Gulf of Thailand by more than 20 percent. The project is also
expected to produce 18,000 barrels per day of natural gas liquids.

George Kirkland, vice chairman, Chevron Corporation, said, 'Asia is
becoming the center of global energy demand growth. Platong II is one of
Chevron′s many developments in the region that will allow us to supply
safe, reliable, and affordable energy to meet this need.?

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, 'Chevron′s commitment to providing energy to the Kingdom
of Thailand has been unwavering.

'From the start-up of the first natural gas field in the Gulf of
Thailand 30 years ago, to Platong II, Chevron has worked in close
partnership with the Kingdom to develop the energy industry, building a
foundation for energy security and long-term economic development.?

Chevron′s Thailand subsidiary is operator and holds a 69.9 percent
interest in Platong II, with the remaining interest held by Mitsui Oil
Exploration Co. Ltd. (27.4 percent) and PTT Exploration and Production
Public Co. Ltd. (2.7 percent). The development, located in shallow water
120 miles (200 kilometers) from Thailand′s southern coastline, is one of
Southeast Asia′s largest offshore structures. New facilities, which will
be connected to the current processing infrastructure at the Platong
Field, include a central processing platform, pipelines, four initial
wellhead platforms, and living quarters for 200 people.

Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. ?Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; 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 Statements 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 Thailand. 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, +65 9728 8375

(Singapore)

or

Kurt
Glaubitz, +1 415 516 4590

(United States)