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CHEVRON SELLS EXPLORATION INTERESTS IN THE REPUBLIC OF SUDAN

CHEVRON SELLS EXPLORATION INTERESTS IN THE REPUBLIC OF SUDAN
 SAN FRANCISCO, June 15 /PRNewswire/ -- Chevron Corporation announced today that its wholly owned subsidiary, Transocean Chevron Company, is selling all of its shares of Chevron Oil Company of Sudan to Concorp International Limited, a Sudanese company headquartered in Khartoum. Terms of the sale were not disclosed. The sale requires approval by the Sudanese government in order to be finalized. Richard Matzke, president of Chevron Overseas Petroleum Inc., said that as a result of the sale, Concorp will acquire all petroleum exploration and producing rights in a 42-million-acre(170,000-square-kilometer) concession currently held by Chevron Oil Company of Sudan. The concession includes two exploration blocks, "Melut" and "Muglad." The Unity and Heglig oil fields, discovered in 1980 and 1982, respectively, are located in the Muglad block. "We are most pleased to acquire Chevron's interest in this concession," said Mohammed Abdalla Garelnabi, president of Concorp International. "This acquisition will enable Concorp to develop the oil fields and produce crude oil necessary to enhance our refining capabilities in Sudan to meet local needs," he added. The sale of the Sudan interests is consistent with Chevron's ongoing efforts to streamline its operations by focusing on its core assets.
 -0- 06/15/92
 CONTACT: Jan Golon of Chevron, 212-303-3833; or Mike Freeny, of Concorp, 805-834-8220
 (CHV) CO: CHEVRON IN: OIL ST: CA -- SF001 -- X485 06/15/92
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Publication:PR Newswire
Date:Jun 15, 1992
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