ITALY'S AGIP BUCKS THE TREND, BOOSTS UPSTREAM CAMPAIGN

Despite the sluggish world oil market, Italy's Agip SpA is stepping up its worldwide exploration efforts. Raffaele Santoro, chairman of the national oil company, said Agip takes a contrarian view of world oil investments and is aggressively spending money while prospects are underpriced. The current retrenchment in the world oil industry means there is a further slowdown coming in the pace of investment in exploration and development. For example, Santoro said,

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