SAN RAMON (dpa-AFX) - Chevron Corp. (CVX) announced Wednesday that its China subsidiary has entered into production sharing contracts with China National Offshore Oil Corporation or CNOOC for two exploration blocks in the South China Sea's Pearl River Mouth Basin.
Under the contract agreements, Chevron China Energy Company will hold a 100 percent interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the exploration phase Chevron China Energy Company will be the operator of the two shallow water blocks, which in total cover an area of approximately 2,233 square miles.
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