Mobil, Shell Plan Production Venture
Times Staff and Wire Reports
Mobil Corp. said it will form an alliance with Shell Oil Co. that will be composed of both companies’ exploration and production operations in California. Fairfax, Va.-based Mobil said it will own 40% of the new company and that CalResources, a limited liability concern that is an affiliate of Shell, will hold the remainder. The company, which is expected to begin operations by mid-1997, will be based in Bakersfield. It will be the largest oil producer in the state, with combined proven reserves of more than 1 billion barrels of oil equivalent and production of about 250,000 barrels of oil equivalent a day. Eugene J. Voiland is expected to become CEO of the new company.
