Chevron nabs interest, operatorship in three deepwater blocks offshore Liberia

By Phaedra Friend Troy

US super-major Chevron (NYSE:CVX) has been approved by the Liberian government to acquire 70 percent interest and operatorship in three deepwater concessions offshore the West African country of Liberia.

Chevron is gaining access to deepwater blocks LB-11, LB-12 and LB-14, which are situated between 12 and 110 miles south of Monrovia and span a combined area of 3,700 square miles.

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

Chevron is obligated under the agreement to conduct a three-year exploration program beginning 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.

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

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