Unocal buys partner shares

Unocal buys partner shares

EL SEGUNDO, California (Dow Jones): Affiliates of Unocal Corporation, Unocal Makassar, Ltd., and Unocal Rapak, Ltd., said on Thursday they have agreed to purchase respective interest in Production Sharing Contracts for blocks offshore East Kalimantan, Indonesia from affiliates of ExxonMobil, Mobil Makassar Inc. and Mobil Rapak Inc.

The purchase is subject to approval by the government of Indonesia and Pertamina and no timetable for closing has been announced.

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company also focuses on pipeline and power plant projects in Asia and the Americas.