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Report: Chevron acquires 40% stake in 3 blocks offshore Mexico from Shell unit

Oil major Chevron Corp. signed an agreement to buy a 40% stake in three offshore deepwater blocks in Mexico from an unnamed subsidiary of fellow major Royal Dutch Shell PLC for an undisclosed amount, Reuters reported Oct. 4.

The report said that Mexico's National Hydrocarbon Commission approved the deal earlier in the week.

A Chevron spokesperson, in a statement cited by Reuters, said the deal strengthens the company's upstream portfolio in Mexico and advances its growth strategy in deepwater exploration.