OTHER NEWS - April 12, 1994
From Times Staff and Wire Reports
Oil Companies to Explore Arctic Russia: Texaco, Exxon, Amoco and Norway’s Norsk Hydro have formed a joint venture to search for oil in the Timan Pechora basin of Arctic Russia. The group, named Timan Pechora Co., expects to spend more than $100 million on a three-year appraisal of the area northeast of Moscow. The 2,847-square-mile area has an estimated 2 billion barrels of oil. The venture will operate in the area for 50 years. Texaco and Exxon have a 30% stake each; Amoco and Norsk Hydro each hold 20%.
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