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February 4, 1991 | TERESA WATANABE, TIMES STAFF WRITER
The Philippines, long considered a poor stepchild among its oil-rich Southeast Asian siblings, suddenly looks as if it could be sitting on a treasure trove of oil and gas. Discovery of a potentially major oil field in December by Alcorn International of Texas and a potentially bigger find of natural gas by Occidental Petroleum in 1989 has riveted attention on this island chain and raised hopes of deliverance from its crippling economic problems.
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BUSINESS
February 4, 1991 | TERESA WATANABE, TIMES STAFF WRITER
The Philippines, long considered a poor stepchild among its oil-rich Southeast Asian siblings, suddenly looks as if it could be sitting on a treasure trove of oil and gas. Discovery of a potentially major oil field in December by Alcorn International of Texas and a potentially bigger find of natural gas by Occidental Petroleum in 1989 has riveted attention on this island chain and raised hopes of deliverance from its crippling economic problems.
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BUSINESS
December 11, 1990 | From Times Wire Services
President Corazon Aquino today signed a service contract with Royal Dutch Shell and Los Angeles-based Occidental Petroleum Corp. for the exploration and development of potentially rich natural gas deposits in the Camago area off northern Palawan Island. National Power Corp. Chairman Ernesto Aboitiz said test wells in the region indicate an initial yield from the field equivalent to 160,000 barrels of oil a day.
NEWS
September 12, 1990
Diplomatic Front: President Bush addressed the nation, outlining "what is at stake--what we must do together to defend civilized values around the world." He praised the American military and hailed the new level of cooperation between Washington and Moscow. Japan said it may give $2 billion to the nations hit hardest by U.N. sanctions, on top of the $1 billion aid package already promised for multinational peacekeeping forces in Saudi Arabia.
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