Chevron Corporation announced today that its Chinese subsidiary has received final approval to acquire operating interests in three exploration blocks in the South China Sea's Pearl River Mouth Basin.
Chevron has acquired a 100% interest in blocks 53-30 and 64-18, and a 59.18% interest in block 42-05, from Devon subsidiary Devon Energy China, Ltd. The blocks cover an exploratory acreage of approximately 8,100 square miles (21,000 km2). Chevron will be operator during the exploration phase under the amendment agreements to the production sharing contract with China National Offshore Oil Corporation (CNOOC).
"Participating in the exploration of this prospective deepwater basin furthers our strategy to grow our business in China and the Asia Pacific region," said Chevron Vice Chairman George Kirkland.
Jim Blackwell, president, Chevron Asia Pacific Exploration and Production, said, "We welcome the opportunity to partner with CNOOC and apply our industry-leading drilling technology, expertise, and safety practices to explore the South China Sea's deepwater areas."
BP will acquire the remaining interest in block 42-05.
Chevron has a presence in China that dates back nearly 100 years. The company is a partner with CNOOC in producing assets in the Bohai Bay and in the South China Sea. Chevron is also a partner with China National Petroleum Corporation in an onshore gas development in the Sichuan Province.
Read the article online at: https://www.oilfieldtechnology.com/exploration/07092010/chevron-acquires-interest-in-three-exploration-blocks-offshore-china/