are expected to sign final deals with state-owned PdVSA within 10 days and may begin working on their new land by the third quarter of 1996. The eight blocks are estimated to hold between 7 and of light crude oil reserves. (PON, DJ) July 7: OPEC issues a resolution announcing Gabon's withdrawal from the organization, effective January 1, 1995. Gabon had an OPEC quota of . (FT) July 18: The United Nations formally approves an Iraqi aid distribution plan, a major step forward in the direction of allowing Iraq to sell oil under Resolution 986. (DJ) August 6: U.S. President Bill Clinton signs a new bill imposing sanctions on non-U.S. companies which invest over $40 million a year in the energy sectors of either Iran and Libya. Under the law, the President would be required to impose at least two of the following sanctions: import and export bans; lending embargoes from U.S. banks; a ban on U.S. procurement of goods and services from sanctioned companies; and a denial of U.S export financing. The European Union stated its opposition to the U.S. law and threatened retaliation. (FT) August 21: In Venezuela, a subsidiary of state-owned Petroleos de Venezuela (PdVSA), Corpoven, signs a memorandum of understanding (MOU) with U.S.-based ARCO. The MOU provides for a $3.5-billion joint venture to develop and upgrade roughly of crude oil from the country's 270-billion Orinoco Heavy Oil Belt. The project will produce 9° API gravity crude oil in the Hamaca region and upgrade it to 25° API for export to U.S. refineries. The project will be implemented in three phases, the last of which will be completed in 2006. Another PdVSA subsidiary, Maraven, recently signed another, similar deal with Conoco. (PON, FT) September 5: Following U.S. cruise missile strikes on military facilities in southern Iraq, crude oil prices rise as the market speculates when Iraq will begin exporting oil under U.N. Resolution 986. Benchmark Brent Blend for October rises above $22/barrel amidst the uncertainty. The U.S. attack follows an Iraqi-supported invasion of Kurdish safe haven areas in the country's northern area. Subsequently, President Bill Clinton states that the U.N. oil-for-food sale should be postponed indefinitely. (DJ) October 30: Exxon confirms that it is in talks with state-owned Qatar General Petroleum Corporation concerning the application of new technology to convert natural gas to petroleum products. Exxon believes that technology developed in a successful Anatural gas refinery project