Brazil's Oil Imports

Declined in JanuarySAO PAULO, Brazil - Brazil imported on average 534,000 barrels of oil a day in January, down from 672,000 in December 1987 and 671,000 in January 1987, the Brazilian state oil company, Petrobras, said.

Brazil exported 167,000 b/d of refined products in January, up from 146,500 b/d in December and 114,000 b/d in January 1987.

The decline in imports in January was due partly to increased domestic production, which averaged 610,104 b/d, up from 607,900 in December and 571,700 in January last year.

Consumption has also declined. In January, consumption averaged 1.045 million b/d, down from 1.170 million in December and 1.128 million in January last year.

Meanwhile, on Jan. 22, Brazil established a domestic oil daily production record of 623,967 b/d, up from 620,149 Jan. 9, Petrobras said.

Halliburton, Gearhart

Announce Merger Plan

DALLAS - Halliburton Co. and Gearhart Industries Inc. signed a letter of intent to merge.

Halliburton, an oil field services and insurance company, would merge Gearhart with one of its subsidiaries. Halliburton would pay about $230 million in assuming Gearhart's securities and debt.

Gearhart, a provider of seismic services, ended a letter of intent with Computalog Ltd. in order to enter the new non-binding agreement.

3 percent Rate Reduction Set

For Elizabethtown Gas

The New Jersey Board of Public Utilities approved a 3 percent reduction in rates for customers of Elizabethtown Gas Co.

The reduction was sought by the company in January and reflects projections of a continuing decline in the price of wholesale gas supplies, a board spokesman said.

Elizabethtown Gas serves about 213,000 customers in New Jersey's Union, Middlesex, Sussex, Warren, Hunterdon, Mercer and Morris counties.

North Yemen Plans

To Boost Production

NICOSIA, Cyprus - North Yemen plans to increase production in its Marib-Jawf area to 175,000 barrels a day by mid-year, the Middle East Economic Survey reported last week.

The weekly economic newsletter said current output was between 130,000 and 150,000 b/d.

The newsletter, published in Nicosia, also reported that North Yemen has approved a production-sharing agreement with the Geneva-based Petroleum International Corp.

It said the agreement covers approximately 12,000 square miles in the Marib-Jawf area relinquished by Hunt Oil last year, or about 25 percent of its original concession.

Four NY Homes Safe

To Occupy After Spill

HAUPPAUGE, N.Y. - The Suffolk County health department said that four homes tested for dangerous gasoline vapors near the site of a huge underground gasoline spill in Setauket were safe to occupy.

The gasoline leaked from a pipe over a number of years at a Northville Industries terminal on Long Island.

A department spokesman said the results of the tests showed small levels of benzene.