Chevron Acquires Interest in Kurdistan Concessions
Agreement provides Chevron 80 percent interest in contracts covering two blocks in the Kurdistan Region of Iraq.SAN RAMON, Calif., July 19, 2012 – Chevron Corporation (NYSE: CVX) announced that its subsidiaries have completed a transaction to acquire interests in two blocks in the Kurdistan Region of Iraq.
Chevron will acquire Reliance Exploration & Production DMCC’s 80 percent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks. The blocks are located north of Erbil and cover a combined area of approximately 490 square miles (1,124 square kilometers).
Chevron subsidiaries will partner with OMV Rovi GmbH and OMV Sarta GmbH, which hold 20 percent interest in the Rovi and Sarta PSCs, respectively.
Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; 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.
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