Joint agreement expands company's opportunity set in West Africa

Chevron Corporation (NYSE: CVX) announced yesterday that its wholly-owned subsidiary Chevron Mauritania Exploration Limited has reached an agreement to acquire a 30 percent non-operated working interest in Blocks C8, C12 and C13 offshore Mauritania from Kosmos Energy. The transaction is subject to the approval of Mauritania's government.

The deepwater blocks off the coast of Mauritania cover a contiguous area of approximately 6.6 million gross acres in water depths ranging between 5,249 feet (1,600 meters) and 9,842 feet (3,000 meters).

Blocks C8, C12 and C13 cover a contiguous area of approximately 6.6 million gross acres in water depths ranging between 5,249 feet (1,600 meters) and 9,842 feet (3,000 meters).

Under the agreement, Kosmos Energy retains a 60 percent interest and remains the operator. Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM), Mauritania's national oil company, will continue to have a 10 percent interest. Following any commercial discovery after the exploration phase, Chevron will become the operator maintaining a 30 percent working interest.