Chevron to Explore Three China Deepwater Sites

Sept. 7, 2010
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

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!