Chevron Grows Carnarvon Basin Interests in Browse Exchange

Chevron Corporation (NYSE: CVX) today announced that its Australian
subsidiary has reached an agreement to exchange its holdings in the
Browse development for Shell Development (Australia) Pty Ltd′s interests
in the Clio and Acme fields¹ in the Carnarvon Basin offshore
northwest Australia.

Under the agreement, subject to regulatory and other approvals, Chevron
will exchange its 16.7 percent interest in the East Browse titles²
and 20 percent interest in the West Browse titles^{3, 4} for
Shell′s 33.3 percent interests in the WA-205-P and WA-42-R blocks. This
will give Chevron a 100 percent interest in WA-205-P and WA-42-R. Shell
will also make a $450 million cash payment to Chevron.

George Kirkland, vice chairman, Chevron Corporation, said: 'Acquiring
the remaining interests in WA-205-P and WA-42-R fits strategically with
our long-term plans to grow our Wheatstone area resource base, and
create expansion opportunities for the Wheatstone Project.?

Melody Meyer, president, Chevron Asia Pacific Exploration and
Production, said: 'Australia is a key focus area for Chevron, evidenced
by our investment and development of the Gorgon and Wheatstone projects,
and strong exploration and appraisal program. Consolidating our
Carnarvon Basin position furthers our progress towards becoming a
leading liquefied natural and domestic gas producer in Australia and
Asia-Pacific.?

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.

Notes to Editor:

¹: Shell has a 33.3% interest in the Clio-Acme titles WA-42-R
and WA-205-P

²: East Browse titles are WA30R, WA31R, WA32R, WAR2 and TR5.

³: West Browse titles are WA28R, WA29R and WA275P.

⁴: Chevron will retain its interests in the following Browse
basin exploration leases: WA-274-P, WA-281-P and WA-410-P

Chevron has made the previous natural gas discoveries in the Clio and
Acme fields:

• 
  Acme West-1 and -2: News
  Release
• 
  Acme -1: News
  Release
• 
  Clio-3: News
  Release
• 
  Clio-2: News
  Release
• 
  Clio-1: News
  Release

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,' 'forecasts,?
'projects,' 'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets,'
'outlook? 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 important factors that could cause
actual results to differ materially from those in the forward-looking
statements 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 the company′s net production or manufacturing facilities
or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in
fiscal terms or restrictions on scope of company operations; foreign
currency movements compared with the U.S. dollar; and general economic
and political conditions. The reader 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

Alex Yelland, +65 9720 2560 (Singapore)