• ChevronTexaco has the ability to obtain a 20 percent limited partner interest in Sabine Pass LNG
• Company is pursuing multiple LNG terminal opportunities for importing natural gas into North America

SAN RAMON, Calif., Nov. 9 -- ChevronTexaco Global Gas today announced that an affiliate has signed an initial 20 year agreement with Sabine Pass LNG, L.P., a subsidiary of Cheniere Energy Inc., to secure 700 million cubic feet per day (mmcf/d) regasification capacity at Cheniere's Sabine Pass Liquefied Natural Gas (LNG) terminal. Under the terms of this agreement and pursuant to the successful negotiation of definitive agreements, ChevronTexaco (NYSE: CVX) also has the option to obtain a 20 percent limited partner interest in Sabine Pass LNG.

John Gass, president of ChevronTexaco Global Gas said, "ChevronTexaco's strategy is to create a high-impact global gas business by commercializing our undeveloped natural gas resources through gaining access to North American and Asian markets.

"This agreement is a key element in our plans to pursue multiple LNG terminal opportunities to give us flexibility in delivering reliable and affordable supplies of clean natural gas into North America. As we move forward with these plans, we will work with key stakeholders and in particular the community, to gain their input and support which will be integral for the success of these projects," said Gass.

Currently celebrating its 125th anniversary, ChevronTexaco is one of the world's leading energy companies. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is one of the world's largest producers and marketers of natural gas, producing approximately 4 billion cubic feet of natural gas a day. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.com

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about ChevronTexaco's strategy for its global gas business. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the timing of the construction and commencement of the operation of the terminal; actual future demand for natural gas demand in North America; and local and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE ChevronTexaco