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McMoRan Exploration and Texaco have inked an agreement that illustrates the shift in upstream-sector focus taking place among majors and independents.The deal gives McMoRan the right to explore all or parts of Texaco's 90 tracts on the US Outer Continental Shelf, leaving Texaco to focus on its deepwater program. The OCS tracts cover 391,349 gross acres in 10-2,600 ft of water; included are seven leases in Louisiana state waters.McMoRan will commit more than $100 million for exploration drilling over the next 4 years and will serve as the operator of the tracts while earning various interests. Texaco will retain the right to participate in the prospects McMoRan decides to drill. Texaco...

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