ENERGY BRIEFS

ENERGY BRIEFS

ATLANTIC RICHFIELD UNIT

FINDS OIL OFF BALIJAKARTA, Indonesia - Atlantic Richfield Bali North Inc., a unit of Atlantic Richfield Co., made a significant oil and gas discovery north of Bali, the state oil company Pertamina said Monday.

Tests on the exploration well Sepanjang Island-1, in the offshore Kangean block some 17 miles southeast of Kangean island, produced a flow of 2,868 barrels of oil and 258,000 cubic feet of gas a day, Pertamina said.

The Kangean block is operated by Atlantic Richfield Indonesia Inc. under a production-sharing contract between Pertamina and Atlantic Richfield Bali North Inc.

INDIA SIGNS CONTRACT

FOR IRAQI CRUDE OIL

NEW DELHI, India - India signed a contract with Iraq to import 18.27 million barrels of crude oil during the April 1990-March 1991 fiscal year, news reports said.

The Times of India newspaper said Monday that the deal, worth $285 million, calls on India to pay 70 percent of the contract, while an additional $85 million will be adjusted against outstanding Iraqi debts to Indian companies.

Iraq owes India about $400 million for construction projects in Iraq. Payments were delayed because of the Gulf War, resulting in agreement with India to clear part of the debt in the form of crude oil.