Chevron, Statoil Acquire Oil, Gas Blocks Offshore New Zealand

Chevron New Zealand Exploration Ltd., a Chevron Corporation subsidiary, Tuesday announced it has been granted exploration rights to three blocks located offshore New Zealand, in a frontier basin with water depths ranging from 2,600 feet (800 m) to 9,800 feet (3,000 m).

Chevron New Zealand Exploration Ltd. will be the operator of the blocks with a 50 percent working interest. Statoil will hold the remaining 50 percent interest.

"This award adds to Chevron's range of potential long-term options in the Asia-Pacific region," said Melody Meyer, president of Chevron Asia Pacific Exploration and Production Company.  "Chevron's approach to this project will be guided by our commitment to maintain the highest environmental and safety standards."

The three petroleum exploration permits - 57083, 57085 and 57087 - in the offshore Pegasus and East Coast basins, cover more than 6.26 million acres (25,300 sq. km), and are located southeast of North Island.