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Unocal Signs Geothermal Deal for Nicaragua

September 02, 1997|Bloomberg News

Unocal Corp. said it signed an agreement to develop geothermal wells for electricity production in Nicaragua. The move marks the oil and natural gas producer's first geothermal project in Latin America. "There is not only significant geothermal potential in the region, but Nicaragua has opened the door for private power generation and the export of electricity to neighboring countries," Randy Howard, Unocal's worldwide geothermal operations vice president, said in a statement. The El Segundo-based company has experience in developing geothermal wells in the United States, Indonesia and the Philippines. Unocal won the bid to explore a 40-square-mile area known as the El Qajo-Santa Isabel concession.

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