VOL. XL No. 1912-May-1997
Phillips Petroleum Farms Out To Union Texas InTwo Ghadames Basin Blocks
The Houston-based Union Texas Petroleum Holdings announced on 1 May that it hasagreed in principle to acquire a 30% working interest in two Ghadames Basinblocks held by Phillips Petroleum, which will serve as operator and holds theremaining 70% working interest. Terms of the acquisition, which are subject tofinal approval from the Algerian Ministry of Energy, were not disclosed.