Chevron Awarded Exploration Rights in the Norwegian Sea
Chevron Upstream Europe, a strategic business unit of Chevron′s Europe,
Eurasia and Middle East (EEME) Operating Company today announced that it
has successfully bid for the exploration rights in four blocks awarded
in the Norwegian 21st Licensing Round.
The blocks are located in the Outer Vøring Basin in the Norwegian Sea,
approximately 335 miles (540 kilometres) west of the coast of Bodø, in
6824 feet (2080 metres) of water. Chevron Norge AS has been appointed as
the operator with a 40 percent equity in Production Licence PL598
comprising the blocks 6601/6 and 9 and 6602/4 and 7. The other
participants in the blocks are ExxonMobil Exploration & Production
Norway AS with 30 percent equity interest, Idemitsu Petroleum Norge AS
with 10 percent equity interest and Petoro AS with 20 percent equity
interest.
'Chevron is committed to building a focused portfolio of key exploration
prospects worldwide,? said Guy Hollingsworth, President of Chevron
Europe, Eurasia and Middle East. 'We view the deep waters of the
Norwegian Sea as an area of significant resource potential and this
acquisition advances our strategy of pursuing attractive and high-impact
growth opportunities.? Hollingsworth added, 'This is Chevron′s second
award in the deep water of the Norwegian Sea and as operator, we look
forward to working with our partners and bringing our technical
expertise and capabilities to this high-potential area.?
'Rick Cohagan, Managing Director of Chevron Upstream Europe said, 'We
are very pleased with the partnership which will complement the
strengths of the four companies ? Chevron′s exploration experience from
the West of Shetland and ExxonMobil, Petoro and Idemitsu′s significant
regional knowledge and long-term operational experience in the Norwegian
Sea. We appreciate the strengthened licence criteria imposed by the
Ministry of Petroleum and Energy in Norway deep water operations and we
will continue to apply Chevron′s safety standards in all aspects of our
operations.?
Chevron 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, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Chevron
Laura Easton, (44) 1224 334400
Laura.Easton@chevron.com
