Chevron Corp. (NYSE: CVX) announced its subsidiary Chevron (SL) Ltd. has been awarded participation in two deepwater blocks located offshore Sierra Leone.
The two blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 sq miles. The new blocks have average water depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m).
Under the award, Chevron (SL) Ltd. will be operator with a 55% interest; Noble Energy Inc., 30%; and Odye (SL) Ltd., 15%. This is before a Sierra Leone National Oil Co. optional back-in of 15% at final investment decision.
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