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PARKER DRILLING SELECTED FOR CHEVRON WORK IN KAZAKHSTAN

 TULSA, Okla., April 21 /PRNewswire/ -- Parker Drilling Co. (NYSE: PKD) today announced it has been selected to help develop the huge Tengiz Oilfield in the former Soviet republic of Kazakhstan.
 Tengizchevroil -- a joint venture between Chevron Overseas Co. (NYSE: CHV) and the government-owned Tengizneftegaz -- marks the second Commonwealth of Independent States contract for Parker announced in the past three weeks.
 Robert L. Parker Jr., president and chief executive officer, said the contract calls for Tulsa-based Parker to initially provide rig management, supervisory training services and labor to Tengizchevroil.
 "This contract marks an important milestone for Parker Drilling," stated Parker. "Our reputation as a drilling pioneer will only be strengthened as a result of working alongside Chevron and Kazakh personnel in one of the world's most difficult drilling environments," he added. Oil reserves in Tengiz are deep, highly pressurized and contain large concentrations of poisonous gases, explained Parker.
 Tengiz, thought to be one of the 10 largest oil fields in the world, is located in western Kazakhstan, along the northeastern coast of the Caspian Sea. The $20 billion project is the largest between a western oil company and a former Soviet republic. Chevron and Kazakhstan finalized the agreement April 6.
 Terms of the Parker-Tengizchevroil contract were not disclosed.
 Parker will provide expatriate and national labor to initially operate Tengizchevroil-owned rigs, said Parker.
 This development is the initial stage in what is expected to be a long term project, explained Parker. "This contract will position Parker to respond to additional specialized needs of the joint venture as they develop," said Parker.
 James W. Linn, executive vice president and chief operating officer, said the initial phase will include many responsibilities for the American drilling contractor.
 "Parker will draw on its international expertise to provide drilling company management to the venture," Linn said. The components provided by Parker include rig labor, training, inventory control, a comprehensive safety program and rig equipment maintenance procedures.
 Gary McCarrell, a 20-year veteran of Parker, has been named operations manager for the Tengiz project. A division office will be established in Kazakhstan.
 On April 1, Parker announced a contract with the British Petroleum-Statoil Alliance to provide workover-completion drilling services in the Tarasov Field in Western Siberia. In 1991, Parker became the first western drilling contractor to work in the former Soviet Union under a workover/completion contract in Western Siberia.
 Kazakhstan marks the 45th country in which Parker has operated. The drilling company was founded in 1934.
 -0- 4/21/93
 /CONTACT: Tim Colwell, public relations for Parker, 918-585-8221, ext 249/
 (CHV PKD)


CO: Parker Drilling Co.; Chevron Corp.; Chevron Overseas Co. ST: California; Oklahoma IN: OIL SU: CON

TM -- SF006 -- 8748 04/21/93 12:32 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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