Friday, September 10, 2010

Chevron (NYSE:CVX) Starting Deepwater Exploration off Liberia

Huge oil finds in recent years have attracted oil companies to Liberia, and Chevron (NYSE:CVX) is the latest to be granted approval to explore off the coast of the West African nation.

Chevron vice-chairman George Kirkland says on the company's website, "We are very pleased to participate in Liberia's emerging energy sector.

"Entry into this large prospective offshore area allows us to advance our growth strategy for the region."

Chevron has been given a 70 percent interest in the three blocks they were awarded, which entail about 3,700 square miles.

Through its Liberian subsidiary, Chevron will launch the three-year exploration program in the fourth quarter of 2010.

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