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BRIEFLY

Energy

April 20, 1993|From Times Staff and Wire Reports

Amoco, China to Develop Oil Field: Amoco Corp. said it has signed a $1.5-billion joint venture agreement with China to develop that nation's largest offshore oil field. The venture expects to spend $650 million through 1997 to develop the Liuhua 11-1 oil field in the South China Sea, about 120 miles south of Hong Kong. Another $850 million is to be spent over the next 15 years to produce the oil. Production is expected to begin in early 1996 at about 50,000 barrels a day. Peak production is expected to be about 60,000 barrels a day. Amoco's share of the production is expected to be in the range of 24,500 to 29,400 barrels a day.

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