Chevron Corporation announced its Myanmar subsidiary, Unocal Myanmar Offshore Co., Ltd., has been granted 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 approximately 125 miles (200 km) northwest of Yangon. Unocal Myanmar Offshore Co., Ltd. will be the operator of the block with a 99 percent interest. Royal Marine Engineering (RME), a Myanmar-based company, will hold the remaining interest in the block.
"This award expands Chevron's leading position in Asia and complements the company's portfolio of exploration opportunities," said George Kirkland, vice chairman and executive vice president, Chevron Corporation. "The exploration of this block is aligned with Chevron's long-term strategy to seek opportunities to provide energy to a growing region."