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CHEVRON CONFIRMS PROTOCOL SIGNED WITH KAZAKHSTAN

 CHEVRON CONFIRMS PROTOCOL SIGNED WITH KAZAKHSTAN
 SAN FRANCISCO, May 7 /PRNewswire/ -- Chevron Corporation today


confirmed an announcement made earlier in Alma Ata, Kazakhstan, that it has signed a protocol agreeing on principles of cooperation between Chevron and the Republic of Kazakhstan for the creation of a joint venture for the Tengiz area. Documents to enable the project to move forward are being developed for signature.
 "We are pleased that after long discussions we've reached this breakthrough," said Kenneth T. Derr, Chevron chairman and CEO. "We can confirm the announcement in Alma Ata that when work begins on this project, it will involve an initial investment over the first three years estimated to be about $1.5 billion by the joint venture partners.
 "We also confirm, as announced in Alma Ata, that the area covered in our agreement includes the Tengiz field, the Korolev field and an exploration area covering about 4,000 square kilometers," Derr said.
 "We look forward to getting started and to having a long and successful relationship with our Kazakh partners."
 Derr said that further information would be released when documents have been finalized. He also said Chevron would not speculate as to a timetable for further developments.
 -0- 5/7/92
 /CONTACT: Larry Shushan, 415-894-2978, or Dan Johnson, 510-842-3137, both of Chevron Corp./
 (CHV) CO: Chevron Corp. ST: California IN: OIL SU:


MM -- SF008 -- 7827 05/07/92 16:53 EDT
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Publication:PR Newswire
Date:May 7, 1992
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