Chevron Enters Into Agreement With Kosmos Energy To Explore Offshore Suriname

June 20, 2012 8:10 PM

Chevron Corporation announced that its wholly owned subsidiary Chevron Global Energy Inc. (Chevron) will be assigned a 50 percent working interest in Blocks 42 and 45 offshore Suriname through an agreement with Kosmos Energy.

Under the agreement, Kosmos will have a 50 percent working interest and remain operator of both blocks until the end of the exploration phase. Chevron will assume the remaining 50 percent working interest and will be the operator following any commercial discoveries.

"This agreement enables us to explore for new resources in this frontier basin," said George Kirkland, vice chairman, Chevron Corporation. "These blocks are on trend with new deepwater Cretaceous discoveries in the region."

Blocks 42 and 45 are located approximately 155 miles (250 kilometers) from Paramaribo and cover a combined area of approximately 2.8 million gross acres, at water depths ranging between 650 and 8,500 feet (200-2600 meters).

"We are very pleased to participate in Suriname's emerging energy sector," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. "These blocks will expand our exploration portfolio in Latin America."

 Kosmos's acreage in the Suriname-Guyana basin is the company's first expansion beyond Africa.