The agreement extends the existing arrangement for 30 years, through February 19, 2039. Under the agreement, Saudi Arabian Chevron (SAC), a subsidiary of Chevron, will continue to explore for and produce crude oil and natural gas on behalf of the kingdom in the onshore Partitioned Neutral Zone (PNZ). The field operations are to be managed jointly by SAC and the Kuwait Gulf Oil Company.
David O’Reilly, chairman and CEO of Chevron, said: We are extremely pleased and honored that Chevron will continue to partner with the Kingdom of Saudi Arabia in developing the petroleum resources of the Partitioned Neutral Zone and the kingdom.
