London—Chevron is buying 30% stakes in three exploration blocks offshore Mauritania held by US independent Kosmos Energy, it’s first foothold in the West African country and the second expansion of its exploration portfolio in a week. The deal, announced Wednesday, comes as much of the industry has been reining in exploration activity as the easiest way to cope with plunging in oil prices. But analysts say rig rates have also been falling, creating opportunities for those willing to drill.
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