P.M. BRIEFING : Amoco Signs Oil Pact With Egypt
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NEW YORK — Amoco Corp. today said it has signed an agreement with Egypt for oil exploration in four areas totaling 10,036 square miles, but denied reports of a joint venture with Atlantic Richfield Co. for Egyptian exploration.
“There is no agreement with ARCO,” said spokesman Greg Clock at Amoco’s Chicago headquarters when asked about news reports of a $126.3-million agreement to explore jointly for oil and gas in Egypt.
A spokesman at ARCO’s Los Angeles headquarters also could not confirm any joint agreement with Amoco.
Exploration will be in four “concessions”--the Sallum area of the western Sahara, the central Sinai region, and two in the Gulf of Suez, Clock said.
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