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CHEVRON SIGNS AGREEMENT TO EXPLORE ACREAGE IN EAST CHINA SEA

 BEIJING, Oct. 31 /PRNewswire/ -- Chevron Overseas Petroleum Limited today announced that it has signed an exploration agreement with the People's Republic of China to explore for crude oil and natural gas in the East China Sea.
 In ceremonies attended here by Chinese Vice Premier Zou Jia Hua and Chevron Corp. (NYSE: CHV) Vice Chairman Dennis Bonney, the agreement was signed by President Wang Yan of the Chinese National Offshore Oil Corp. and President Richard Matzke of Chevron Overseas.
 Matzke welcomed the agreement as opening further opportunities for cooperation. "We have been working successfully in China for many years and hope to contribute further to China's prosperity. We are favorably impressed with the geological prospects of the area assigned to us and look forward with enthusiasm to this new venture," Matzke said.
 The area, known as Block 33/08, is located about 250 miles (400 kilometers) southeast of Shanghai off the coast of China. Comprising 450,000 acres, or about 700 square miles (1,800 square kilometers), Block 33/08 was awarded to Chevron following the Fourth Offshore Bidding Round held in China in July.
 The new exploration agreement is Chevron's fourth production-sharing contract area in China and is the first area which Chevron will explore on its own. If commercial quantities of hydrocarbons are found, Chevron as operator, and China Offshore Dong Hai Oil Corporation, a subsidiary of CNOOC, will jointly develop the discovery.
 Chevron, a major international oil company operating in some 100 countries, was one of the first foreign companies to reopen activities in the People's Republic in the early 1980's. The company is active in China in crude oil and petroleum products trading, chemicals marketing, and refining technology transfer. Through its 50 percent- owned affiliate Caltex Petroleum Corp., it is also involved in retail gasoline marketing and lubricating oil blending.
 Among its other oil and gas exploration and production projects in China, Chevron has been a member of the ACT Operators Group with partners Texaco and Agip, and CNOOC, since 1983. ACT drilled its first well in October 1984 offshore Shekou in the Pearl River Mouth Basin of the South China Sea. The group brought its first offshore oil field, Huizhou 21-1, onto production in 1990, and followed this in 1991 with the Huizhou 26-1 field.
 ACT, with the Nanhai East Oil Corp., produces 60,000 barrels per day in the Pearl River Basin. In addition, it expects to bring new production onstream from two other fields by September 1995.
 Chevron said it will open an exploration office in Shanghai to be headed by Len Bzdel as manager of exploration and producing operations for the new venture.
 Bzdel has a background in a number of Chevron's other international exploration ventures.
 -0- 10/31/93
 /CONTACT: Pam Low of Chevron Overseas, 510-842-3572/
 (CHV)


CO: Chevron Overseas Petroleum Ltd.; Chevron Corp. ST: California IN: OIL SU:

SH-TM -- SFSU01 -- 8875 10/31/93 12:50 EST
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Publication:PR Newswire
Date:Oct 31, 1993
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