Chevron to buy deepwater interest offshore Liberia
Chevron has won the approval from the Liberian government to acquire a 70% interest and operatorship in three deepwater concessions in Liberia.
The deepwater blocks, LB-11, LB-12 and LB-14 are located between 12 to 110 miles (20km to 180km) south of the capital of Monrovia and cover a combined area of 3,700 square miles (9,600sq km).
As per the agreement, Chevron’s Liberian subsidiary will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010.
Chevron vice chairman George Kirkland said that entry into this large prospective offshore area allows the company to advance its growth strategy for the region.
Chevron Africa and Latin America exploration and production president Ali Moshiri said that 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.
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