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Chevron Corp said it entered into production-sharing contracts with Chinese offshore oil company CNOOC Ltd for two exploration blocks in South China Sea as the U.S. oil company looks to grow in the Asia-Pacific region.
Chevron China Energy Co will hold a 100 percent interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. The unit will operate the two shallow water blocks, which in total cover an area of about 2,233 square miles (5,782 square km).