Japan and Conoco launched a U.S. drilling venture.
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Conoco and the Japanese, including Nippon Mining and the state-owned Japan National Oil Corp., announced a $135-million joint venture calling for about 20 exploratory oil and gas wells in five states and the Gulf of Mexico. Conoco, a subsidiary of Du Pont, will be the operator for the program. Nippon Mining is a major petroleum refiner and a petrochemical and nonferrous-metal producer.
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