ARCO Increases its Interest in Dubai's Margham Field

abarrelfullabarrelfull wrote on 07 Aug 2012 12:58

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06 October 1998

ARCO Dubai Inc., has acquired Gulfstream Resources Canada Limited's 25% beneficial interest in the Margham field of Dubai, effective as of 30 September 1998. This acquisition brings ARCO's interest in the Margham field to 100%.

ARCO and Gulfstream are also entering into a cost-sharing agreement for the upstream development of a Qatar natural gas project, subject to the satisfaction of certain conditions including the execution of a satisfactory gas sales agreement with a third-party buyer.

ARCO Dubai is a wholly-owned subsidiary of ARCO (NYSE: ARC).

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