CHEVRON <CHV>, NIPPON OIL FORM JOINT VENTURE
Chevron Corp said its Chevron
U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
conduct a joint-venture oil exploration and development program
on selected Chevron leaseholds in the United States.
    About 50 onshore and offshore exploratory wells will be
drilled under the agreement and Chevron will be the operator of
the project and pay some costs, the company said.
    It said Nippon will contribute an initial investment of
more than 100 mln dlrs.
    The Japanese government will also participate in the
venture by providing financing to Nippon through the Japanese
Oil Corp, Chevron said.
    It said drilling will begin during the second quarter.
    Properties to be evaluated are located in California,
Colorado, Kansas, Oklahoma, Mississippi, Montana, North Dakota,
Texas, Utah, and Wyoming, along with Federal Outer Continental
Shelf leases offshore Southern California and in the Gulf of
Mexico, Chevron said.
 Reuter
