ENERGY

Unocal Wants to Take Over Asian Project: The Los Angeles-based oil company said it will seek to replace Texaco Inc. as developer of a Chinese natural gas prospect after Texaco withdrew from contract talks because the financial terms weren’t attractive enough. Texaco, based in White Plains, N.Y., said last week that it couldn’t reach agreement with Shanghai Petroleum Corp. after about a year of negotiations on financial terms for development of the Ping Hu prospect in the East China Sea. Unocal Corp. was outbid by Texaco during the initial bidding on the rights to the prospect, which is about 250 miles east of Shanghai.