Prior to this, Chevron and BP signed sale and purchase agreements with Devon for these blocks, and Chevron acquired a 59.18% interest in block 42/05 and a 100% interest in blocks 64/18 and 53/30 from Devon in the exploration phase, while BP acquired the remaining interest of Devon in block 42/05.
Block 42/05, located in Baiyun Sag of Pearl River Mouth Basin in the Eastern South China Sea, covers a total area of 6,939sqkm.
Blocks 64/18 and 53/30 are located in Qiong Dong Nan Basin in the Western South China Sea with acreage of 7,712sqkm and 6,313sqkm respectively, and water depth of the three blocks ranges from 300mt to 2,000mt.
During the exploration period, Chevron will act as the operator in the three blocks, and CNOOC has the right to participate in up to a 51% interest in the event of any commercial discovery in the blocks.
