Chevron and Texaco found oil off China’s coast

The U.S. companies, in partnership with a unit of the Italian state oil company, said a drilling ship working 100 miles southeast of Hong Kong found deposits of oil after drilling to 9,000 feet. Although the deposits flowed at a combined rate of over 2,000 barrels a day, officials said the discovery was not commercially viable because the oil has a high wax content, which would increase production costs above current market prices.