Chevron purchases oil block shares in Iraq

Chevron to acquire 80 per cent share (Image: Jonathan McIntosh/Flickr)Chevron to acquire 80 per cent share (Image: Jonathan McIntosh/Flickr)Chevron has announced that it will acquire Reliance Exploration & Production’s 80 per cent share of two oil blocks in the Kurdistan Region of Iraq

Chevron Corporation reported that its subsidiaries have completed a transaction with Reliance to acquire stakes in the production sharing contracts (PSCs) of the Rovi and Sarta blocks.

A Chevron spokesman told Business Standard, “Chevron believes the Kurdistan Region of Iraq holds considerable promise and this investment aligns well with our strategy."

The blocks are located north of Erbil and cover a combined area of approximately 1,124 sq km.

The subsidiaries will partner with OMV Rovi and OMV Sarta, which hold 20 per cent interest in the Rovi PSC and Sarta PSC, respectively.

 

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