Offshore Oil Sale: Union Texas Petroleum Holdings...
From Times Staff and Wire Reports
Offshore Oil Sale: Union Texas Petroleum Holdings Inc. announced that it has agreed to sell its domestic offshore oil and gas business to NERCO Oil & Gas Inc. for about $475 million. The sale, subject to government approval, is expected to be completed by mid-April. At the end of 1990, Union Texas’ domestic offshore proven reserves totaled about 295 billion cubic feet of natural gas and 6.7 million barrels of crude oil, representing about 57% of its total proven reserves in the United States and 13% worldwide.
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