Chevron (NYSE:CVX) said today its China subsidiary has received approval to acquire operating interests in three explorations blocks in the South China Sea’s Pearl River Mouth Basin.
Chevron acquired a 100% interest in two blocks, and a 59% interest in another, from Devon Energy’s (NYSE:DVN) China subsidiary. BP (NYSE:BP) will acquire the remaining 41% interest in the third block.
In total, the blocks cover 8,100 square miles.
Chevron will be operator during the exploration phase, according to the production sharing contract with China National Offshore Oil Corporation, or CNOOC (NYSE:CEO).
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