Chevron Acquires Operating Stakes in 3 China Blocks


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Chevron has received final approval to acquire operating interests in three exploration blocks in the South China Sea's Pearl River Mouth Basin. The company has acquired a 100% interest in Blocks 53-30 and 64-18, and a 59.18% interest in Block 42-05, from Devon's subsidiary, Devon Energy China, Ltd; and BP will acquire the remaining interest in Block 42-05. The three blocks cover an exploratory acreage of about 5 million acres (21,000 square kilometers). Chevron will serve as the operator during the exploration phase under the amendment agreements to the production-sharing contract with CNOOC.

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