Amoco to End Exploration in Baltic Sea

Amoco Corp., which is being bought by British Petroleum Co., said it will stop looking for oil in the Baltic Sea because of poor results and a change in strategy. Chicago-based Amoco, the fifth-largest U.S. oil company, said its Amoco Latvia Petroleum Co. subsidiary told the Latvian government it will look for a buyer for its interests in the Baltic Sea, which is north of Poland and west of Latvia. The company has been exploring there for about 20 years without success, Amoco said. Amoco has a strong brand name in the U.S. fuel sales market, yet has been frustrated in its attempts to find oil and needs BP’s international reserves to meet future demand. Amoco’s exploration strategy in recent years has shifted to looking for oil closer to home, primarily in the Gulf of Mexico. In New York Stock Exchange trading, Amoco shares rose 38 cents to $51.81.