Chevron to Explore Three China Deepwater Sites

In accordance with Chinese regulations, the explorations will be done in partnership with China National Offshore Oil Corp.

Chevron on Sept. 7 announced that its China subsidiary has received approval to explore three deepwater sites in the South China Sea.

Chevron, the second largest U.S. oil company, said it had acquired operating interests in two exploration blocks and 59% in a third, all in the South China Sea's Pearl River mouth basin.

Chevron said that BP will acquire the remaining interest in the third block.

The exploration blocks, located in "highly prospective" region, cover an exploratory acreage of approximately 8,100 square miles (21,000 square km).

"Participating in the exploration of this prospective deepwater basin furthers our strategy to grow our business in China and the Asia Pacific region," said Chevron Vice Chairman George Kirkland.

In accordance with Chinese regulations, the explorations will be done in partnership with China National Offshore Oil Corporation (CNOOC).

Copyright Agence France-Presse, 2010

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