Chevron Corporation (NYSE:CVX) announced today that its China subsidiary has received final approval to acquire operating interests in three exploration blocks in the South China Sea's Pearl River Mouth Basin.
Chevron Corporation (NYSE:CVX) announced today that its China 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 percent interest in blocks 53-30 and 64-18, and a
59.18 percent 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 square km). 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
.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is driven
by the ingenuity and commitment of its employees and their application of the
most innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces and
transports crude oil and natural gas; refines markets and distributes
transportation fuels and other energy products; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources of the
future, including biofuels. Chevron is based in
San
Ramon
,
Calif.
More information about
Chevron is available at
www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of
"
Safe
Harbor
"
Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in
China
. Words
such as "anticipates," "expects," "intends,"
"plans," "targets," "projects,"
"believes," "seeks," "estimates,"
"budgets" and similar expressions are intended to identify such
forward-looking statements. The statements are based upon 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 changes in
prices of demand for and supply of crude oil and natural gas; actions of
competitors; timely completion of the development of fields; the potential
disruption or interruption of production and development activities due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes in
fiscal terms or restrictions on scope of company operations; and general
economic and political 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, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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