Chevron Corporation (CVX) has entered into a major deal with Challenger Energy Group to acquire 60% of the stakes in the AREA OFF-1 block through its wholly-owned subsidiary, Chevron Uruguay Exploration.An Insight Into CVX’s DealThe deal marks a milestone for CVX as it is set to become the operator of the AREA OFF-1 block, located about 100 km off Uruguay’s coast. Per the agreement, CVX will hold a 60% stake in the block, with Challenger retaining the remaining 40% non-operating interest.The cost of the acq ...