Chevron Snaps Up Nine Blocks in 20th Norwegian Licensing Round

Chevron Europe, Eurasia and Middle East, an affiliate of Chevron Corporation, has successfully bid for the exploration rights in nine blocks awarded in the 20th Norwegian Licensing Round.

The blocks are located in the Outer Voring Basin in the Norwegian Sea, approximately 155 miles (250 kilometers) west of the coast of Kristiansund, in 3000 feet (1000 meters) of water. Chevron has been appointed as the operator with a 40% percent equity interest in the blocks 6703/7, 8, 9, 10, 11 & 12 and 6704/7, 8 & 10. The other participants in the blocks are StatoilHydro with 20 percent equity interest, Shell with 20 percent equity interest and SD0E with 20 percent equity interest.

"Chevron is committed to building a focused portfolio of key exploration prospects worldwide," said Guy Hollingsworth, President of Chevron Europe, Eurasia and Middle East. "We view the Outer Voring as an area of significant resource potential and this acquisition advances our strategy of pursuing attractive and high-impact growth opportunities." Hollingsworth added, "It's Chevron's first in the deep water of the Norwegian Sea and as operator, we look forward to working with our partners and bringing our technical expertise and capabilities to this high-potential area."

The license was applied for jointly with StatoilHydro and Shell under an Area of Mutual Interest (AMI) agreement.

Rick Cohagan, Managing Director of Chevron Upstream Europe said, "The agreement complements the strengths of the three companies -- Chevron's exploration experience from the West of Shetland and Statoil and Shell's significant regional knowledge and long-term operational experience in the Norwegian Sea."