Chevron subsidiary Chevron China Energy and China National Offshore Oil Corp (CNOOC) signed production sharing contracts for two shallow water exploration blocks in the South China Sea. Chevron will hold 100% interest during the exploration phase and be responsible for conducting 3D seismic data surveys for blocks 15/10 and 15/28 in Xijiang Sag of the Pearl River Mouth Basin. CNOOC retains the right to participate up to 51% working interest if commercial discoveries are made.