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From Times Staff and Wire Reports
Unocal Sells North Sea Exploration Rights to Amerada Hess: Los Angeles-based Unocal Corp. said it is selling a majority stake in its North Sea oil and gas exploration rights to Amerada Hess Ltd. Under terms of the deal, Amerada Hess will take over 80% of Unocal’s exploration license and will acquire all of the shares of Unocal U.K. Ltd. The sale is part of Unocal’s strategy to concentrate its worldwide exploration on areas that have the richest potential, a company official said.
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