(EnergyAsia, July 25 2012, Wednesday) — US major Chevron Corp said its subsidiaries have acquired interests in two highly prospective blocks in Iraq’s Kurdistan region from Reliance Exploration & Production DMCC, the upstream subsidiary of India’s Reliance Industries Ltd.
The San Ramon, California company said its subsidiaries acquired 80% interest and operatorship of the production sharing contracts (PSCs) covering a combined 1,124-sq km area of the Rovi and Sarta blocks located north of Erbil.
The subsidiaries will partner with the blocks’ existing 20% shareholders, Austria’s OMV Rovi GmbH and OMV Sarta GmbH, in aiming to drill two wells by November 2013.
Chevron becomes the second Western major to secure an upstream deal in Kurdistan after ExxonMobil which signed six exploration licences last November.
Reliance said the sale aligns with its strategy to rationalise its portfolio as it continues to look for opportunities globally.