Thursday, September 11, 2008

Chevron Saudi Oil Extraction Lease Gets Another 30 Years

By Chris Thompson
Thu, Sep 11, 2008 at 7:50 AM

Just in time for the anniversary of September 11, Chevron has announced the company has extended a fat oil concession with Saudi Arabia. For the last sixty years, Chevron has been steadily extracting oil from a neutral region between Kuwait and and the Saudi kingdom; according to the East Bay Business Times, the company pulls about 109,00 barrels of oil and 17 million cubic feet of natural gas from the field every day. But the concession was scheduled to expire next year. Now, the company will continue drilling for the black stuff until at least 2039.

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