2010-09-08-2010-09-08

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Chevron received approval by the Liberian government to acquire blocks LB-11, LB-12 and LB-14.

Chevron Corp., San Ramon, Calif., (NYSE: CVX) plans to acquire a 70% interest and operatorship in three deepwater concessions in Liberia.

Chevron received approval by the Liberian government to acquire blocks LB-11, LB-12 and LB-14 that are between 12 to 110 miles south of the capital of Monrovia and cover a combined area of 3,700 square miles. Chevron's Liberian subsidiary will conduct a three-year exploratory program expected to begin in the fourth quarter.

Chevron vice chairman George Kirkland says, "Entry into this large prospective offshore area allows us to advance our growth strategy for the region."

Chevron Africa and Latin America E&P president Ali Moshiri says, "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."