MEXICO CITY--(BUSINESS WIRE)--

An international consortium operated by Chevron Corporation’s (NYSE: CVX) subsidiary, Chevron Energía de Mexico, S de R.L. de C.V., was awarded today an exploration contract for Block 3 in the deepwater Gulf of Mexico, one of the most significant opportunities in Mexico’s 1.4 bid round. Other partners in the bidding consortium are Pemex Exploration and Production and INPEX Corporation.

The acquisition of the block marks Chevron first successful entry into Mexico’s large prospective offshore opportunities.

“We are very pleased to be granted the responsibility to operate this block, and honored to be an integral part of Mexico’s move to open its oil industry,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. “With our significant existing leasehold in the Gulf of Mexico, and global deepwater expertise, we can now help fuel progress on both sides of the border and beyond.”

Block 3, which spans approximately 651 square miles (1,687 square kilometers), is located in the Perdido Fold Belt, approximately 45 miles (117 kilometers) offshore Mexico in water depths ranging between 1,640 to 5,575 feet (500m to 1,700 meters). Chevron will be the operator and hold a 33.3334 percent interest in the block while Pemex and Inpex will each hold a 33.3333 percent interest.

The Chevron-led consortium was the only bidding partnership that included Mexico’s national oil company Pemex, demonstrating Chevron’s ongoing commitment to Mexico and strategic partnership with its national oil company.

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company’s is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; and develops technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

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