Three international companies have formed a joint venture to explore the Mackenzie Delta-Beaufort Sea region of Canada's Arctic.
Chevron Corp., Burlington Resources Inc., and BP plan to build significant production and reserves to meet growing North American demand for natural gas.
Meanwhile, Canada's new Nunavut Territory opened a large part of its Arctic lands to oil and gas nominations.
Pres. Tim Holt said BP Canada plans to direct considerable resources to the Mackenzie Delta-Beaufort area the next few years. The group plans seismic work this winter and a drilling program in 2002.
Chevron Canada and BP Canada will take a 50% interest in 471,386 acres held by Chevron, and Chevron and...