Chevron Acquires Interest in Kurdistan Concessions

abarrelfullabarrelfull wrote on 20 Jul 2012 09:58
Tags: chevron iraq m-east upstream


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.


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