Standard Cuts Oil Exploration
Associated Press
CLEVELAND — Pressured by declining crude oil prices, Standard Oil Co. today said its 1986 exploration spending will amount to only about half the $915 million allocated to exploration in 1985.
Funding for some Alaska North Slope projects, including Standard Oil’s Lisburne Project and some Prudhoe Bay development work, has been slowed, the 12th-largest U.S. oil company said. But two major projects in Alaska and one in the Gulf of Mexico will continue at full funding.
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