Chevron to Acquire Deepwater Interest Offshore Liberia
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Started by: abarrelfullabarrelfull
Date: 14 Sep 2010 06:07
Number of posts: 1
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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
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