Long Beach : ARCO Plans to Pump New Life Into Sagging Oil Field
Plans by the Atlantic Richfield Co. to spend as much as $100 million to stimulate sagging oil production in Long Beach will be the subject of a public hearing Friday at City Hall.
The oil giant is considering a highly technical program by which water would be pumped underground to increase production in what is known as the Town Lot area, which extends from Belmont Shore to Anaheim Street, said Rose Buchholz, president of the Long Beach Oil Royalty Owners Assn.
For years, Long Beach was swimming in oil profits, but production has sagged and much of the revenue that once went to the city now goes to the state, officials said.
ARCO plans to make an extensive presentation of its plans to Charles Warren, executive officer of the state Lands Commission, and Xenophon Colasas, director of the Long Beach Department of Oil Properties, at 1:30 p.m. in the City Council chamber, 333 W. Ocean Blvd.
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