Chevron signs agreement for exploration areas offshore Morocco

22 January 2013, Sweetcrude, Houston – US super major, Chevron Corporation, has announced, Tuesday, that its subsidiary, Chevron Morocco Exploration Ltd, signed petroleum agreements with Morocco’s Office National Des Hydrocarbures Et Des Mines for three offshore areas.

“We look forward to participating in exploration activities in Morocco , which provides Chevron an opportunity to advance our growth strategy in frontier basins,” said George Kirkland, vice chairman, Chevron Corporation.

Once awarded, Chevron will acquire seismic data and conduct studies in deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep located between 60 and 120 miles (100 to 200 kilometres) west and northwest of Agadir, Morocco .

The areas covers approximately 11,300 square miles (29,200 square kilometres) with average water depths ranging from between 330 feet to 14,700 feet (100 metres to 4500 metres).

Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production Company, said, “This is an opportunity for Chevron to expand its already strong presence in the region and allows us to acquire further knowledge about promising geology in an emerging area.”

Chevron Morocco Exploration Ltd has a 75 percent working interest in the three areas, with the Office National Des Hydrocarbures Et Des Mines holding the remaining 25 percent.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company, based in San Ramon, California, United States, is involved in virtually every facet of the energy industry.

It 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 and provides energy efficiency solutions.

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