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MOBIL AND PDVSA AGREE TO STUDY HEAVY OIL DEVELOPMENT, OTHER PETROLEUM OPPORTUNITIES

 MOBIL AND PDVSA AGREE TO STUDY
 HEAVY OIL DEVELOPMENT, OTHER PETROLEUM OPPORTUNITIES
 FAIRFAX, Va., Dec. 20 /PRNewswire/ -- Mobil Corporation (NYSE: MOB) and Petroleos de Venezuela S. A. (PDVSA) announced today that they have signed letters of intent to study development and upgrading of heavy oil production from the Orinoco heavy oil belt and other exploration and producing opportunities in Venezuela.
 The letters of intent were signed by Allen E. Murray, Mobil chairman and chief executive officer, and by Andres Sosa-Pietri, president of PDVSA. The action will create joint study teams which will make recommendations in six months about further steps that might be taken by Mobil and PDVSA.
 Murray said, "Mobil's involvement in these study areas makes sense because of Mobil's particular strengths and Venezuela's large reserve base of heavy oil as well as its future hydrocarbon potential." He said Mobil has developed expertise in heavy oil production from operations in California and Canada.
 Venezuela has over a trillion barrels of heavy oil in place and is seen as having the second largest -- after the former Soviet Union -- hydrocarbon growth potential in the world.
 Mobil's experience in large project management includes such oil fields as Hibernia offshore Canada, Statfjord in Norway's North Sea, Beryl in the United Kingdom's North Sea, as well as the Arun gas field in Indonesia and the Oso condensate field in Nigeria.
 Sosa-Pietri emphasized PDVSA's technological achievements in reducing the production and handling costs of the bitumen of the Orinoco Belt to highly competitive levels. PDVSA is also a front runner in devising new commercial technologies related to upgrading.
 -0- 12/20/91
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB) CO: Mobil Corporation; Petroleos de Venezuela S.A. ST: Virginia IN: OIL SU:


JT -- NY060 -- 4448 12/20/91 14:55 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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