Chevron expands offshore Africa footprint with exploration agreement

Chevron Corp.

A Chevron Corp. (NYSE:CVX) subsidiary, Chevron Morocco Exploration Ltd., has signed petroleum agreements with Morocco's Office National Des Hydrocarbures Et Des Mines for three offshore areas.

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 kilometers) west and northwest of Agadir, Morocco. The areas encompass approximately 11,300 square miles (29,200 square kilometers) with average water depths ranging from between 330 feet to 14,700 feet (100 meters to 4500 meters).

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% working interest in the three areas, with the Office National Des Hydrocarbures Et Des Mines holding the remaining 25%.

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