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Oil money

Oil money

South Korea's LG-Caltex Oil has bought a stake in offshore Block A, the Cambodian

oil field in the Gulf of Thailand, Reuters reported on March 11. The firm will pay

$18 million to ChevronTexaco for 15 percent of exploration rights, cutting Chevron's

stake to 55 percent, while Japan's Mitsui Oil retains 30 percent. Preliminary studies

estimate Block A contains 400 million barrels of crude oil and three trillion cubic

feet of gas. LG-Caltex's earnings from its investment are estimated at $600 million.

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