Chevron farms out Papua blocks to BP, Mitsui

US energy giant Chevron Corp. has completed farming out 49 interest in Papua exploration blocks to BP Plc and Mitsui Oil Exploration Company (MOECO), a government official said on Tuesday.

Under the deal, BP is now holding 32 percent interest in West Papua I and West Papua III with MOECO holding 17 percent interest in both blocks. Chevron remains the operator of both blocks with 51 percent interest, Eddy Hermantoro, Upstream Director at the Ministry of Energy and Mineral Resources told Petromindo.com on Tuesday.

Both blocks were awarded to Chevron through direct offer tender in late 2008. (bernard)