COMMODITY / ENERGY BRIEFS

COMMODITY / ENERGY BRIEFS

AMOCO, SHELL ENTER

EXPLORATION VENTURE

CHICAGO - Amoco Corp. and Shell Oil Co. plan to combine their oil and natural-gas exploration and production operations in the Permian Basin area of West Texas and southeastern New Mexico.

They plan to form a new company - a limited partnership owned 65 percent by Amoco and 35 percent by Shell - that would begin operations in mid-1996, subject to the successful completion of negotiations between the two companies.

The partnership should increase profits substantially by allowing the companies to find and produce more oil and gas at a lower cost, said Bill Lowrie, Amoco's executive vice president for exploration and production.

Amoco is based in Chicago. Shell Oil, based in Houston, is owned by Royal Dutch/Shell Group of the Netherlands.

PHILIPPINES TO DISCUSS

OIL INVESTMENT IN IRAN

MANILA, the Philippines - President Fidel Ramos said Wednesday he would be sending his energy secretary to Tehran to try to persuade Iranian investors to help develop the oil industry in the Philippines.

Mr. Ramos said Energy Secretary Francisco Viray would go to Iran Monday and Tuesday to discuss with his counterpart opportunities in the growing Philippine energy sector.