Chevron Corporation CVX announced today that its China subsidiary has
entered into production sharing contracts (PSC) with China National Offshore
Oil Corporation CEO for two exploration blocks in the South China Sea's
Pearl River Mouth Basin.
Under the PSC agreements, Chevron China Energy Company will hold a 100 percent
interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the
exploration phase Chevron China Energy Company will be the operator of the two
shallow water blocks, which in total cover an area of approximately 2,233
square miles (5,782 square km).
“Exploration of these blocks builds on our strategy to grow our business
across the Asia Pacific region, where we are developing LNG, deepwater, shale
and sour gas resources,” said George Kirkland, vice chairman, Chevron
Corporation.
Melody Meyer, president, Chevron Asia Pacific Exploration and Production,
said, “We welcome the opportunity to partner with CNOOC and apply our
industry-leading exploration capabilities in the prospective Pearl River Mouth
Basin.”
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