|Friday, June 09, 2000
Chevron has increased its interests in deepwater acreage offshore Brazil. The company was the high bidder for the offshore block BM-S 7 in the Santos Basin. The Brazilian subsidiary of Chevron, Chevron Overseas Petroleum Brasil Ltda. received a 65 percent interest in the BM-S 7 block and will serve as operator. The remaining 35 percent is held by Petrobras. The tract covers 6,591 square kilometers in water depth ranging from 328 to 2,625 feet. Chevron was also the successful bidder for tract BM-S 10 also in the Santos Basin. Chevron will have a 25 percent interest. This tract covers 3,780 square kilometers and has water depths ranging from 5,250 to 6,890 feet deep.