Chevron (CVX.NYSE) has received approval for its Chinese subsidiary to explore three oil blocks covering about 21,000 square kilometers in the Pearl River basin in the South China Sea, AP reported. The oil company purchased a 100% interest in two blocks and a 59% interest in a third from Devon Energy China; BP (BP.NYSE) will buy the remaining interest in the third block. Chevron will lead exploration of the blocks and has a production-sharing contract with China National Offshore Oil Corp (parent of CNOOC; CEO.NYSE, 0883.HK). The value of the deal was not revealed.
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