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Unocal, Royal Dutch/Shell cancel East China Sea project

AFX Europe (Focus): Unocal, Royal Dutch/Shell cancel East China Sea project

Sep 29, 2004

SAN FRANCISCO (AFX) — Unocal and Royal Dutch/Shell Group said late Tuesday that their subsidiaries have canceled five contracts to explore, develop and market natural gas resources in the Xihu Trough of the East China Sea. Unocal East China Sea, a subsidiary of Unocal and Pecten Orient, a subsidiary of Royal Dutch/Shell, each hold a 20 percent interest in the contracts. China National Offshore Oil and China Petrochemical holds the remaining interest.

The U.S. affiliates entered into the contracts in August 2003. Unocal said it expects to record a charge of roughly $10 million after-tax in the third quarter for relinquishment of lands and to settle remaining obligations.

This story was supplied by CBSMarketWatch.

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