Chevron has been granted approval by the Liberian Government to acquire a 70% interest and operatorship in three deepwater concessions in Liberia.

Under the agreement Chevron’s unit in Liberia will conduct a three-year exploratory programme, which is scheduled to begin in the fourth quarter of 2010.

The deepwater blocks, LB-11, LB-12 and LB-14 are located 12 to 110 miles south of capital city Monrovia and cover a combined area of 3,700 square miles.

Chevron Africa president Ali Moshiri said the licences are on trend with new deepwater Cretaceous discoveries in the region and will expand the company’s exploration portfolio in offshore West Africa, which has delivered significant production from several basins.