Last October, Unocal pulled out Of Phase 2 development of Galoc oilfield apparently because the oil yield would not be sizeable enough for a company of its size.
Unocal, (Union Oil Co. of California) had assets totalling 10 billion year ending 2002.
To be speculative, finding a joint venture partner has been due for sometime and although 150 million barrels is small fry to Unocal, its sizeable to quite a few others to do something hostile... maybe?
flying!!!, page-5
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