Chevron and Texaco found oil off China’s coast
The U.S. companies, in partnership with a unit of the Italian state oil company, said a drilling ship working 100 miles southeast of Hong Kong found deposits of oil after drilling to 9,000 feet. Although the deposits flowed at a combined rate of over 2,000 barrels a day, officials said the discovery was not commercially viable because the oil has a high wax content, which would increase production costs above current market prices.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
