Chevron acquires blocks offshore New Zealand

Chevron Corp.

Chevron New Zealand Exploration Ltd., a Chevron Corp. subsidiary, has been granted exploration rights to three blocks located offshore New Zealand, in a frontier basin with water depths ranging from 2,600 feet (800 meters) to 9,800 feet (3,000 meters).

The three petroleum exploration permits – 57083, 57085, and 57087 – in the offshore Pegasus and East Coast basins, cover more than 6.26 million acres (25,300 square kilometers), and are located southeast of North Island. Chevron New Zealand Exploration Ltd. will be the operator of the blocks with a 50% working interest. Statoil will hold the remaining 50% interest.

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