Chevron Seals Exploration Deal in Liberia

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HOUSTON (Dow Jones Newswires), Aug. 30, 2010

Chevron said Monday it has signed an agreement to explore three deepwater concessions in Liberia.

"Chevron can confirm that an agreement to explore three deepwater concessions in Liberia has been submitted to the legislature for ratification," said Scott Walker, a spokesman for the company said in an e-mail. "We will provide further information, pending the conclusion of this process."

Liberia's presidential office announced the agreement last week, which was submitted to parliament for approval. Work is expected to begin in the fourth quarter, according to media reports.

There is growing interest among international oil companies to explore and produce oil from offshore Liberia and other areas in West Africa.

Copyright (c) 2010 Dow Jones & Company, Inc.


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