Chevron struck a joint oil exploration deal with CNOOC covering the South China Sea. Under the terms, Chevron will perform exploration in more than 2,233 square miles and will have 100% interest in any discoveries. "Exploration of these blocks builds on our strategy to grow our business across the Asia Pacific region, where we are developing LNG, deepwater, shale and sour gas resources," said George Kirkland, Chevron's vice chairman and executive vice president of upstream and gas.

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