SAN RAMON, California –The Republic of Sierra Leone has awarded Chevron (SL) Ltd. (NYSE:CVX) participation in two deepwater offshore blocks.
Blocks SL-08A and SL-08B have been combined into one concession located 75-110 mi. (120-180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). 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, along with 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.