Chevron acquires acreage offshore Myanmar
Chevron Corp.’s Myanmar subsidiary, Unocal Myanmar Offshore Co. Ltd., has received exploration rights in a block located offshore Myanmar, in the Rakhine basin.
Block A5, which spans more than 2.6 million acres (10,600 sq km), is located 200 km (125 mi) northwest of Yangon. Unocal Myanmar Offshore will be the operator of the block with a 99% interest. Royal Marine Engineering, a Myanmar-based company, will hold the remaining interest in the block.