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TEXACO SIGNS AGREEMENT WITH SHANGHAI PETROLEUM CORP. LTD. REGARDING DEVELOPMENT OF PING HU OIL AND GAS FIELD

 WHITE PLAINS, N.Y., April 7 /PRNewswire/ -- Texaco Shanghai Inc., an indirect subsidiary of Texaco Inc. (NYSE: TX), announced today that it has signed an agreement of cooperation with Shanghai Petroleum Corporation Ltd. (SPC) to work on the overall development plan for the Ping Hu Oil and Gas Field in the East China Sea. Additionally, Texaco announced that a letter of intent was signed with the SPC to establish a Sino-American joint venture company to develop the Ping Hu Oil and Gas Field.
 Formation of the joint venture project is subject to negotiation of definitive agreements and necessary government and company approvals.
 The field, located 250 miles east of Shanghai City, is expected to supply the City of Shanghai and the surrounding Pudong Economic Zone with natural gas and liquids.
 SPC is comprised of the City of Shanghai, the Ministry of Geology and the China National Offshore Oil Corporation. SPC has the right, as approved by the State Council of the People's Republic of China, to develop, produce and market the petroleum in the Ping Hu Field.
 "In a dynamic example of Texaco's ability to respond quickly to challenges, we have dedicated our high technology resources, along with some of our most experienced people, to work with the Shanghai Petroleum Corporation on the Ping Hu project," said Dr. William P. Doyle, vice president of Texaco Inc. and president of the Middle East/Far East division. "Texaco has assembled a joint team of qualified experts from the company and the Shanghai Petroleum Corporation to meet an ambitious schedule for completing the Ping Hu overall development plan in 1993."
 This team is currently working on the development plan at Texaco facilities in the Houston area. Initial production is anticipated in late 1996.
 Texaco, through its subsidiary Texaco China B.V., has been active in China through the ACT-Operators Group (ACT-OG). Working with a branch of the China National Offshore Oil Corporation -- the Nanhai East Oil Corporation -- ACT-OG is producing 63,000 barrels per day in the South China Sea.
 Texaco China B.V. also is exploring for oil and gas in the Bohai Bay area, east of the city of Tianjin, in conjunction with the China National Offshore Oil Corporation.
 Texaco, through another of its subsidiaries, has licensed its proprietary Texaco Gasification Process to ten plants in China, including one in the city of Shanghai. This process is an environmentally attractive method of generating synthesis gas for use in the petroleum industry, chemical manufacturing and electric power generation.
 "The Ping Hu joint venture project represents a continuation of our strategic and successful partnering with Chinese oil companies in the development of the petroleum resources in China," said Dr. Doyle. "We look forward to pursuing this new business relationship with the Shanghai Petroleum Corporation."
 -0- 4/7/93
 /CONTACT: Dave Dickson, 914-253-4128, or Jim Swords, 914-253-4103, both of Texaco/
 (TX)


CO: Texaco Shanghai Inc.; Texaco Inc.; Shanghai Petroleum Corporation
 Ltd. ST: New York, Texas IN: OIL SU:


GK -- NY028 -- 3736 04/07/93 11:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 7, 1993
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