Chevron and the Japanese will explore for oil.
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Chevron USA and Nippon Oil, with financing from the Japanese government, announced a joint venture to explore for oil on Chevron lease holdings in 10 states, the Gulf of Mexico and offshore California. The deal is similar to one between Nippon Oil and Texaco and another between Nippon Mining and Conoco. This one involves the drilling of about 50 exploratory wells to be operated by Chevron, with more than $100 million from Nippon. The Japanese National Oil Corp. will provide financing.
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