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CHEVRON TO EVALUATE EXPLORATION POTENTIAL OF CASPIAN SEA OFFSHORE AZERBAIJAN

 BAKU, Azerbaijan, Oct. 12 /PRNewswire/ -- Chevron Overseas Exploration Limited and the State Oil Company of Azerbaijan Republic (SOCAR) today announced they have signed a joint study agreement for the south Caspian Sea, offshore Azerbaijan.
 At a signing ceremony in Baku, Natig Aliyev, President of SOCAR and Richard H. Matzke, president of Chevron Overseas Petroleum Inc., said the joint study will examine portions of the south Caspian Sea to thoroughly evaluate its exploration potential and also will be instrumental in the transfer of advanced exploration technologies to SOCAR. It is anticipated that the study will lead to exploration ventures beneficial to both Azerbaijan and Chevron.
 Offshore Azerbaijan is widely recognized within the petroleum industry as one of the most attractive exploration areas remaining in the former Soviet republics.
 The new venture in Azerbaijan is Chevron's second project in the former Soviet republics: in April Chevron signed the Tengizchevroil joint venture to produce hydrocarbons in Kazakhstan.
 -0- 10/12/93
 /CONTACT: Jan Golon of Chevron, 212-303-3833/
 (CHV)


CO: Chevron Corp.; Chevron Overseas Exploration Ltd. ST: California IN: OIL SU:

TM -- SF012 -- 1352 10/12/93 17:51 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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