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CHEVRON ANNOUNCES PETROLEUM DISCOVERIES IN NORTH SEA, NIGERIA, PAPUA NEW GUINEA

 SAN FRANCISCO, Dec. 30 /PRNewswire/-- Chevron Corporation (NYSE: CHV), which has declared its intent to shift increased exploration and production investments to international opportunities, has announced the following recent petroleum discoveries:
 -- North Sea: Chevron U.K. Limited discovered oil in late October following completion of an exploration well 130 miles northeast of Aberdeen. The newly discovered field, called Parliament, is less than four miles from Chevron's Alba oil field, where the company is about to start first production. Alba overlies yet another field, Britannia, which is believed to be one of the North Sea's largest natural gas fields. Chevron and Conoco are joint operators for the development of Britannia, with first production scheduled for 1998.
 Chevron is operator for the block in which the Parliament discovery lies. ''We and our partners regard this as a promising satellite for the Alba Field,'' says Charles Smith, Managing Director for Chevron U.K.
 -- Nigeria: Chevron Nigeria Limited this year made three exploratory crude oil discoveries, all described as small to medium-sized. In addition, the company brought into production five new fields with combined production of approximately 60,000 barrels of oil a day. The five fields bring the total number of Chevron-operated fields in Nigeria to 23.
 -- Papua New Guinea: Chevron Niugini Pty., Limited discovered oil in December from a well drilled approximately 40 miles southeast of the Kutubu Field. In June 1992, Chevron, the operator for the Kutubu joint venture, began producing crude from Kutubu, marking Papua New Guinea's first oil production. Kutubu currently produces approximately 134,000 barrels of oil a day.
 Chevron's new discovery lies about nine miles northwest of the Southeast Gobe Field, which Chevron and its joint-venture participants currently are considering developing. The discovery marks the third separate oil accumulation confirmed along the 26-mile-long Gobe Anticline Trend, the majority of which lies within the Chevron group's license block. The trend also is close to the group's existing pipeline to an offshore export terminal in the Gulf of Papua.
 In mid-1992, Chevron announced that it would shift increased exploration and production investments to international targets. ''This year, about 75 percent of the corporation's capital and exploratory expenditures for exploration and production were outside the United States, compared to about 50 percent as recently as 1990,'' notes Richard Matzke, President of Chevron Overseas Petroleum Inc. ''We're especially excited about these recent discoveries because they all lie in areas with existing infrastructures for oil and gas production, and we look forward to continued aggressive exploration in high-potential areas.''
 Chevron explores for and produces crude oil and natural gas in more than 20 countries worldwide. Major international areas of operation include Indonesia, Australia, West Africa, the North Sea, Kazakhstan and Canada.
 -0- 12/30/93
 /EDITOR'S NOTE: Participants in the Petroleum Prospecting License (PPL) Number 161, where the most recent Papua New Guinea discovery is located, are as follows:
 Ampolex Limited -- 21.233 percent
 BHP Petroleum -- 12.50 percent
 BP -- 25.00 percent
 Chevron (Operator) -- 25.00 percent
 Japan PNG Petroleum -- 6.25 percent
 Oil Search -- 10.017 percent/
 /CONTACT: Jonathan Lifa of Chevron Overseas Petroleum, 510-842-1955/
 (CHV)


CO: Chevron Corporation ST: California IN: OIL CHM SU:

LW -- SF003 -- 8067 12/30/93 13:00 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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