Unocal Thai Concession to Result in Charge

Unocal Corp. said a subsidiary’s failure to find enough oil or natural gas in a concession off Thailand will result in a charge of $9 million in the fourth quarter. The quantities of natural gas found by its Unocal Andaman unit weren’t enough to be commercially viable, but the company is still evaluating the data from its exploration, a spokesman said. “We have not given up the concession,” he said. Unocal said it was one of several companies awarded interest in two blocks in the Andaman Sea in 1996. Total Oil, Gas Nederland and Statoil Siam also have interests in the concessions. The company also said that its Unocal Patagonia unit established a joint venture with YPF, an integrated oil and natural gas company based in Buenos Aires. The joint venture will explore and develop two areas off Argentina in the San Jorge Basin that could contain more than 1 billion barrels of recoverable oil. Shares of El Segundo-based Unocal fell 13 cents to close at $38.25 on the NYSE.