Japan will finance some of Texaco’s oil drilling.
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Texaco said the agreement with Nippon Oil and the Japanese government illustrates their partners’ confidence that Texaco’s court dispute with Pennzoil no longer jeopardizes Texaco’s ability to do business. The Japanese will provide up to $100 million to drill 40 to 50 exploratory wells in California and five other states. The California drilling will be in Monterey County and offshore from Santa Barbara.
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