
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, June 3, 1990                   TAG: 9006030099
SECTION: NATIONAL/INTERNATIONAL                    PAGE: A2   EDITION: METRO 
SOURCE: Los Angeles Times
DATELINE: WASHINGTON                                LENGTH: Short

CHEVRON, SOVIETS PLAN JOINT OIL FIELD VENTURE

Less than 24 hours after the signing of a landmark U.S.-Soviet trade treaty, Chevron Corp. and a Soviet oil company announced plans Saturday to study the possibility of jointly developing the massive Tengiz oil field in Soviet Central Asia.

Under the agreement, which could lead to the largest U.S.-Soviet joint venture ever undertaken, Chevron and the Soviet company, Tengizneftegaz, would evaluate potential returns from tapping a reservoir believed to be 2 1/2 times the size of Alaska's Prudhoe Bay.

James Giffen, president of the trade consortium that helped broker the deal, said the Tengiz field could contain as much as 25 billion barrels of oil.

Chevron and Tengizneftegaz already have completed a feasibility study for a joint project to develop the Korolov oil field, a smaller basin in the same region.

Chevron officials noted that the joint venture deal was far from complete.

by CNB