ENERGY BRIEFS

ENERGY BRIEFS

TEXACO FINDS OIL

OFF ANGOLAN COASTCORAL GABLES, Fla. - A group led by a Texaco Inc. subsidiary discovered oil from an exploratory well off the northwest coast of Angola, the company announced.

The well, Bagre-1, flowed at a total rate of 13,488 barrels of light crude oil a day from five zones between 9,130 and 9,640 feet in a cretaceous dolomite reservoir. The oil was rated at 34.6 degrees to 36.8 degrees API gravity, Texaco Latin America/West Africa announced.

The well is seven miles offshore, 200 miles north of Luanda.

The drilling is being done under a production-sharing agreement with Sociedade Nacional de Combustiveis de Angola (Sonangol), the Angolan state oil company.

Texaco is the operator and has a 20 percent interest, Sonangol has 25 percent, and Total Angola of France and Petrobras Internacional SA of Brazil have 27.5 percent each.

MALAYSIA, THAILAND

SET SHARING FORMULA

KUALA LUMPUR, Malaysia - Malaysia and Thailand agreed on a production- shari ng formula that will divide equally all offshore oil and gas found in the 7,300-square-kilometer Joint Development Area in the Gulf of Siam north of the Malaysian state of Kelantan, the Business Times newspaper reported Friday.

The formula will not be based on concessions or division of territories. Oil and gas found in either Thai or Malaysian territory will be shared, said Malaysian Prime Minister Mahathir Mohamad, the newspaper reported.