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Chevron to buy 80% stake in 2 Iraqi blocks

Published: 13:03 19 Jul 2012 EDT

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Oil and natural gas giant Chevron Corp. (NYSE:CVX) said Thursday that it has acquired a stake in two blocks in the Kurdistan Region of Iraq.

Chevron said it would buy an 80 per cent stake from Reliance Exploration & Production along with production sharing contracts that cover the Rovi and Sarta blocks.

These blocks rest north of Erbil, and encompass a combined area of about 490 square miles, or 1,124 kilometres.

Chevron’s units will saddle up with OMV Rovi and OMV Sarta, which hold a 20 per cent interest in the Rovi and Sarta contracts, respectively.

Shares, in early afternoon trade, rose 54 cents, or 0.50 per cent to hit $108.42 apiece on the New York Stock Exchange.

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