Bloomberg cited Chevron Corporation has recently extended a production and exploration agreement for 30 years with Saudi Arabia.

Chevron Corporation in a statement said that the agreement represents roughly 4% of Chevron's daily production in the second quarter or 105,000 barrels a day out of a total 2.537 million barrels a day.

It added that the accord extends the existing arrangement through February 19th 2039 and allows for the continuation of exploration and production of oil and natural gas on behalf of Saudi Arabia in the onshore partitioned neutral zone.