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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: John Carpenter who wrote (12741)2/24/1998 7:34:00 PM
From: Teddy  Read Replies (3) of 95453
 
Looks like the major E&Ps are still making big plans (don't they know that oil prices are never going up again?)

Dow Jones Newswires -- February 24, 1998
Chevron Signs Oil Exploration Pact With Bahrain

MANAMA, Bahrain (Dow Jones)--U.S. oil giant Chevron Corp. (CHV)
signed Tuesday a production-sharing agreement with the Bahrain
government that includes oil exploration in offshore concessions in northern
and western areas of Bahrain.

The state's Bahrain National Oil Co. (Banoco) signed for the government
while Luigi Caflish, managing director of Chevron International Limited for
Africa and the Middle East signed for Chevron at ceremony held in Bahrain
Tuesday.

The financial details of the pact haven't been disclosed.

Bahrain Oil Minister Sheik Isa bin Ali al-Khalifa said the deal was a sign of
international confidence in Bahrain's economy.

The agreement will 'hopefully lead to new discoveries of oil', he said.

The agreement calls for ordinary and 3-D seismic survey in the offshore
areas and drilling of oil wells. Chevron will also supply advanced technology
and conduct training for local oil-sector engineers.

Chevron, or Standard Oil of California, as it was known in the 1920's,
discovered oil in Bahrain for the first time in Bahrain and the Persian Gulf
region in 1932.

-By Abdulla Fardan; +973 530758
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