Canadian Occidental Petroleum Ltd. sign production sharing contract in Vietnam.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 17, 1994--Canadian Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Ltd. announces the signing of a new Production Sharing Contract covering the 560,000 acre (2287 km2) Block 12W in the South Con Son Basin, offshore Vietnam. CanadianOxy has a 100% working interest in this project. The South Con Son Basin is a highly prospective exploration area. The basin includes the Dai Hung oil field which contains significant oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally . Recent drilling has also resulted in the discovery of significant natural gas accumulations on Block 06/12E, 60 miles to the east of CanadianOxy's Block 12W and a recent oil discovery on Block 11/2, 25 miles to the North. The Production Sharing Contract has a five year exploration license. The first phase of the exploration program is a rapid evaluation of the block's prospectivity during an initial 18 month term. Operations on Block 12W will be run from CanadianOxy's office in Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. and, in addition to evaluating the block, the Company will actively seek additional opportunities in the country. CanadianOxy looks forward to making a major contribution to Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. investment in Vietnam's oil and gas sector. The signing took place in Hanoi on November 16th, during the visit to Vietnam of the Right Honourable honourable or US honorable Adjective 1. principled 2. worthy of respect or esteem honourably adv Honourable Adjective Jean Chretien, Prime Minister of Canada and the Canadian Trade Mission to Vietnam led by the Right Honourable Roy McLaren, Minister for International Trade. The contract was signed by Dr. Ho Si Thoang, Chairman of PetroVietnam and Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Isautier, President and Chief Executive Officer of CanadianOxy. Bernard Isautier commented: "We are very excited by this attractive exploration opportunity in a basin with proven hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen potential. Block 12W adds to CanadianOxy's portfolio of high potential opportunities in Yemen, Romania, Indonesia and the North Sea. These provide a balance for our growing portfolio of lower risk opportunities in our existing producing areas." CONTACT: Canadian Occidental Petroleum, Calgary
Shareholder Inquiries, Kevin Finn, 403/234-1932
Media Inquiries, John McWilliams, 403/234-6729
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