Chevron China Energy Buys New Offshore China Acreage from CNOOC

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.”
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsM&A
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!