CHEVRON &lt;CHV>, NIPPON OIL FORM JOINT VENTURE

  Chevron Corp said its Chevron
  U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
  conduct a joint-venture oil exploration and development program
  on selected Chevron leaseholds in the United States.
      About 50 onshore and offshore exploratory wells will be
  drilled under the agreement and Chevron will be the operator of
  the project and pay some costs, the company said.
      It said Nippon will contribute an initial investment of
  more than 100 mln dlrs.
      The Japanese government will also participate in the
  venture by providing financing to Nippon through the Japanese
  Oil Corp, Chevron said.
      It said drilling will begin during the second quarter.
      Properties to be evaluated are located in California,
  Colorado, Kansas, Oklahoma, Mississippi, Montana, North Dakota,
  Texas, Utah, and Wyoming, along with Federal Outer Continental
  Shelf leases offshore Southern California and in the Gulf of
  Mexico, Chevron said.
  

