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Chevron to Acquire Deepwater Interest Offshore Liberia

Chevron Chevron Corporation today announced that it has been granted approval by the Liberian government to acquire a 70 percent interest and operatorship in three deepwater concessions in Liberia.

"We are very pleased to participate in Liberia's emerging energy sector," said Chevron Vice Chairman George Kirkland. "Entry into this large prospective offshore area allows us to advance our growth strategy for the region."

The deepwater blocks, LB-11, LB-12 and LB-14 are located between 12 to 110 miles (20 to 180 km) south of the capital of Monrovia and cover a combined area of 3,700 square miles (9,600 square km). Under the agreement, Chevron's Liberian subsidiary will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010.

"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," said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production.

In Africa, Chevron participates in exploration and production activities in Angola, Chad, the Democratic Republic of the Congo, Nigeria and the Republic of the Congo. Chevron produced a net average of more than 430,000 barrels of oil equivalent in 2009 in these countries.

Chevron (NYSE: CVX) is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future. Chevron is based in San Ramon, California, USA.

Published 09/09/2010

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