Wednesday's East Bay Biz Buzz

ContraCostaTimes.comPosted on Wed, Jun. 04, 2003

ConocoPhillips, the third-largest U.S. oil company, bought 40 percent of a Venezuelan natural gas tract from San Ramon-based ChevronTexaco Corp. (CVX), www.chevrontexaco.com, ChevronTexaco said.

Terms of the purchase were not disclosed. ChevronTexaco, the second-largest U.S. oil company, retained 60 percent of Block 2 in Venezuela's offshore Deltana Platform tract, South America's largest natural gas reserve. The tract is located between Venezuela and Trinidad and Tobago.

ChevronTexaco, which won development rights to Block 2 in February, said in April it plans to spend as much as $1 billion to develop the tract.

Venezuela is counting on natural gas from Deltana to reduce its dependence on revenue from oil exports. Venezuela estimates the area holds up to $40 trillion cubic feet of natural gas.

Appointments

Shareholders of Pleasanton's Lipid Sciences Inc. (LIPD) re-elected two directors, William Pope, president and CEO of SunChase Holdings and president and a director of Sun NMA Inc., and S. Lewis Meyer, president and CEO of Lipid Sciences. The remaining four directors were not eligible for re-election. The board of directors also appointed Deloitte & Touche LLP to continue as the company's independent auditors for the 2003 year.

Compiled by Ellen Lee from company and wire reports. A new column is posted weekdays at the Business site on www.contracostatimes.com at 12:30 p.m. Got East Bay business news? Reach Lee at 925-952-2614 or at elee@cctimes.com.