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TEXACO TO DEVELOP GAS RESERVES OFFSHORE TRINIDAD

 WHITE PLAINS, N.Y., Sept. 9 /PRNewswire/ -- Texaco Inc. (NYSE: TX) announced today that its wholly owned subsidiary, Texaco Trinidad Inc., has signed an agreement with the National Gas Company of Trinidad and Tobago to develop the Dolphin gas field on Block 6 offshore Trinidad. The Dolphin Field is estimated to contain recoverable natural gas reserves in excess of one trillion cubic feet, with additional upside potential recognized.
 Under the terms of the agreement, Texaco Trinidad Inc. and its partner and operator, British Gas Trinidad Ltd., a wholly owned subsidiary of British Gas p.l.c., will produce and supply the country with natural gas over a 20-year period. The project will commence immediately, with first production, under a take-or-pay contract, scheduled to begin in 1996.
 Texaco and British Gas also signed an agreement with the Ministry of Energy and Energy Industries committing to an exploration work program in search of additional gas reserves in the adjacent Block E, to the north of Block 6.
 Texaco Inc. Senior Vice President Peter I. Bijur said, "These agreements will further diversify supply sources of natural gas for the country's expanding domestic requirements. They are a result of the Trinidad and Tobago government's efforts to foster a globally competitive investment climate and business environment. Additionally, the agreements respond to the growing demands of Trinidad's expanding petrochemical export industry."
 Located approximately 50 miles off the east coast of Trinidad in 400 feet of water, the field was discovered in September 1976 by Tenneco and Texaco, each with a 50-percent equity. British Gas acquired all of Tenneco's interests in Trinidad and Tobago in 1988 and succeeded the latter as operator of Block 6.
 Clarence P. Cazalot, Jr., president of Texaco's Latin America/West Africa division, based in Coral Gables, Fla., commented, "We're very pleased that conditions now allow the Dolphin project to go forward. It reaffirms the company's continuing interest in Trinidad and Tobago, and positions Texaco as a major gas supplier within the country's growing domestic market."
 Development of the Dolphin Field will involve the construction of an offshore drilling and production platform and a 42-mile subsea pipeline to connect with the National Gas Company's existing gas grid.
 Texaco also has a one-third interest in Trinmar, a consortium owned jointly with Petrotrin, the state oil company. Trinmar operates five fields off the southwest coast of Trinidad with an average gross daily production of over 30,000 barrels of oil and 25 million cubic feet of gas.
 Texaco has marketed lubricants, petrochemicals, marine and aviation fuel in Trinidad and Tobago since 1936.
 -0- 9/9/93
 /CONTACT: Dave Dickson, 914-253-4128, or Sean Galvin, 914-253-6159, both of Texaco/
 (TX)


CO: Texaco Inc. ST: New York IN: OIL SU:

LD -- NY085 -- 0511 09/09/93 17:15 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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