Chevron China to acquire exploration block interests

US energy corporation Chevron has announced that its China subsidiary has received final approval to acquire operating interests in three exploration blocks in the South China Sea’s Pearl River Mouth Basin.

Chevron has acquired a 100 per cent interest in blocks 53-30 and 64-18, and a 59.2 per cent interest in block 42-05, from oil and gas exploration company Devon’s subsidiary Devon Energy China.

The blocks cover an exploratory acreage of approximately 21,000km2.

Chevron will be operator during the exploration phase under the amendment agreements to the production-sharing contract with oil company China National Offshore Oil.