Chevron USA Inc. and Lucky-Goldstar International Corp....

Chevron USA Inc. and Lucky-Goldstar International Corp. of Seoul, South Korea, announced that the companies have agreed to conduct a joint-venture oil exploration and development program on selected Chevron lease holdings in the United States. About 10 onshore and offshore exploratory wells will be drilled under the agreement. Chevron will be operator of the project and pay some costs, and Lucky-Goldstar will contribute an initial investment of about $20 million. South Korea’s government is expected to assist Lucky-Goldstar in the financing arrangements. The companies said drilling will begin immediately. Properties to be evaluated are in California, Oklahoma, Texas and the Gulf of Mexico.