Chevron announces KRG block buy
The second-largest American oil company has bought two blocks from India's Reliance - another coup for the KRG, following last year's ExxonMobil deal.
American firm Chevron on July 19, 2012, announced it purchased two blocks in Iraq's Kurdistan region held by India's Reliance. (JUSTIN SULLIVAN/Getty Images)
Chevron ended days of heated speculation Thursday, confirming it will take over Indian firm Reliance's two exploration blocks in Iraq's semi-autonomous Kurdistan region.
In a statement, the second-largest American oil company said it "completed a transaction to acquire ... Reliance Exploration & Production DMCC's 80 percent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks."
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