ARCO RETURNS TRACTS CONTAINING GIANT OIL FIELD TO CALIFORNIA

ARCO has returned controversial offshore leases holding an undeveloped giant oil field off California to the state. It was part of a proposal ARCO made a year ago enabling the two parties to resolve a dispute over the Coal Oil Point development project off Santa Barbara County while the company proceeds with a significant secondary recovery project elsewhere in the state (OGJ, Jan. 28, 1991, p. 44). The company had battled the state and county over the right to develop Coal Oil Point oil field

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