Blocks A&B include two exploration licenses (B10a/A12b and B16a) and five production licenses (A12a, A12d, A18a, A18c and B13a/B10c.) located in the upper northern part of the Dutch Continental Shelf. Unocal Netherlands BV is the operator with a 34.129% equity position. Other block joint venture partners are Energie Beheer Nederland BV (47.377%), Dyas BV, (14.627%), and DSM Energie BV, (3.867%).
Plans for the first stage of the development include a Central Processing Platform in Block A12a with a natural gas transportation pipeline connecting to the A6-F3 Gas Transportation Pipeline for further transportation to shore. Contracts for platform fabrication and pipe-laying have recently been signed.
Gary Luquette, president and managing director of Chevron Upstream Europe, said, "This is a significant development in The Netherlands which will more than double our local affiliated company's production within two years. It demonstrates Chevron's commitment to continued investment in its European crude oil and natural gas portfolio."
Gerard Schut, Netherlands country manager, said, "I am delighted that Chevron has been able to expedite development of this resource which will not only strengthen the company's position in The Netherlands but highlights our commitment to pursue value creation projects. We recognize that it is important both for The Netherlands and to the company to unlock the value of this resource."
The acquisition of equity in the A&B blocks took place in 2004, prior to the Chevron/Unocal merger, by Unocal Netherlands BV and Dyas BV in an agreement with Dutch exploration-production company NAM (Nederlandse Aardolie Maatschappij B.V.), a joint venture between Shell and ExxonMobil.
Chevron Upstream Europe (CUE) is a Strategic Business Unit of Chevron International Exploration and Petroleum Company, a subsidiary of Chevron Corporation. Headquartered in Aberdeen, Scotland, CUE comprises an integrated portfolio of upstream assets covering the full value chain of exploration, development and production activities. CUE has assets and exploration acreage in the UK, Denmark, Norway and the Netherlands.
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