Chevron to Acquire Deepwater Interest Offshore Liberia

Summary:

Chevron Corporation (NYSE:CVX) today announced that it has been granted approval by the Liberian government to acquire a 70 percent interest and operatorship in three deepwater concessions in Liberia. "We are very pleased to participate in Liberia's emerging energy sector," said Chevron Vice Chairman George Kirkland. "Entry into this large prospective offshore area allows us to advance our growth strategy for the region." The deepwater blocks, LB-11, LB-12 and LB-14 are located between 12 to 110 miles (20 to 180 km) south of the capital of Monrovia and cover a combined area of 3,700 square miles (9,600 square km). Under the agreement, Chevron's Liberian subsidiary will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010. "These licenses are on trend with new deepwater Cretaceous discoveries in the region and will expand our exploration portfolio in offshore West Africa which has delivered significant production from several basin

Chevron to Acquire Deepwater Interest Offshore Liberia

abarrelfull 14 Sep 2010 06:07

Chevron to Acquire Deepwater Interest Offshore Liberia

Chevron Corporation (NYSE:CVX) today announced that it has been granted approval by the Liberian government to acquire a 70 percent interest and operatorship in three deepwater concessions in Liberia.

"We are very pleased to participate in Liberia's emerging energy sector," said Chevron Vice Chairman George Kirkland. "Entry into this large prospective offshore area allows us to advance our growth strategy for the region."

The deepwater blocks, LB-11, LB-12 and LB-14 are located between 12 to 110 miles (20 to 180 km) south of the capital of Monrovia and cover a combined area of 3,700 square miles (9,600 square km). Under the agreement, Chevron's Liberian subsidiary will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010.

"These licenses are on trend with new deepwater Cretaceous discoveries in the region and will expand our exploration portfolio in offshore West Africa which has delivered significant production from several basins," said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production.

In Africa, Chevron participates in exploration and production activities in Angola, Chad, the Democratic Republic of the Congo, Nigeria and the Republic of the Congo. Chevron produced a net average of more than 430,000 barrels of oil equivalent in 2009 in these countries.