Concerns persist about Point Arguello project

03/06/2000
California's Santa Barbara County has approved transfer of Chevron Corp.'s 26% ownership in the Point Arguello project to Plains Resources Inc. but by mutual agreement named a Plains subsidiary as the project operator instead of Torch Operating Co.The two companies agreed to the exchange for undisclosed terms in July 1999, ending more than 40 years of Chevron involvement off California (OGJ, July 12, 1999, p. 28).The other partners in Point Arguello remain the same: Phillips Petroleum Co., Texaco Inc., Whiting Programs Inc., Devon Energy Corp., Kerr-McGee Corp., Koch Exploration Co., and Oxbow Energy Inc.The change of ownership already has 33 permits from other agencies, such as t...
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