Agreements with CNOOC cover two blocks in the Pearl River Mouth Basin
SAN RAMON, Calif.--(BUSINESS WIRE)--Jan. 16, 2013--
Chevron Corporation (NYSE: CVX) announced today that its China
subsidiary has entered into production sharing contracts (PSC) with
China National Offshore Oil Corporation (CNOOC) for two exploration
blocks in the South China Sea’s Pearl River Mouth Basin.
Under the PSC agreements, Chevron China Energy Company will hold a 100
percent interest in blocks 15/10 and 15/28 in the Pearl River Mouth
Basin. During the exploration phase Chevron China Energy Company will be
the operator of the two shallow water blocks, which in total cover an
area of approximately 2,233 square miles (5,782 square km).
“Exploration of these blocks builds on our strategy to grow our business
across the Asia Pacific region, where we are developing LNG, deepwater,
shale and sour gas resources,” said George Kirkland, vice chairman,
Chevron Corporation.
Melody Meyer, president, Chevron Asia Pacific Exploration and
Production, said, “We welcome the opportunity to partner with CNOOC and
apply our industry-leading exploration capabilities in the prospective
Pearl River Mouth Basin.”
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for
the Purpose of “Safe Harbor” Provisions of the Private Securities
Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in China. Words such as
“prospective”, "anticipates," "expects," "intends," "plans," "targets,"
“forecasts,” "projects," "believes," "seeks," “schedules,” "estimates,"
"budgets," “outlook” and similar expressions are intended to identify
such forward-looking statements. The statements are based upon
management's current expectations, estimates and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's
control and are difficult to predict. Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are changes in prices of, demand for and
supply of crude oil and natural gas; actions of competitors; the
inability or failure of the company’s joint-venture partners to fund
their share of operations and development activities; the potential
failure to achieve expected net production from existing and future
crude oil and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the potential
disruption or interruption of the company’s net production or
manufacturing facilities or delivery/transportation networks due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes and changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; and general economic and political conditions. The
reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: Chevron Corporation
for Chevron Corporation
Alex Yelland, Singapore, +65 9720 2560
