ENERGY
Occidental to Explore for Oil in Angola: Occidental Petroleum Corp. said it has agreed with Angola’s national oil company to explore for oil in a hydrocarbon-rich 938-square-mile area of the West African Salt Basin. The Los Angeles-based company will operate the venture in the Cabinda North Block, with a 35% interest. Other interests are held by Teikoku, a Japanese company, 25%; Neste Oy, the Finnish national oil company, 20%; and Sonangol, Angola’s national oil company, 20%. Occidental, Neste and Teikoku will finance the exploration, which is to begin next year.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
