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OCCIDENTAL ACQUIRES INTEREST IN OFFSHORE TUNISIA BLOCK

 OCCIDENTAL ACQUIRES INTEREST IN OFFSHORE TUNISIA BLOCK
 LOS ANGELES, March 30 /PRNewswire/ -- Occidental Petroleum


Corporation (NYSE: OXY) announced today that Occidental Tunisia, Inc., a wholly owned subsidiary of Occidental International Exploration and Production Company, had acquired a 50 percent working interest in the exploration of the 544,000 acre offshore Gabes Meridional Permit through a farm-in agreement with BHP Petroleum (Tunisia) Inc., the operator for the permit.
 Occidental and BHP will participate in the exploration of the permit on an equal basis. Plans are to drill one exploratory well in mid-1993 on an identified prospect with major oil potential. Evaluation of other prospects and leads will continue. In the event of a commercial discovery, Enterprise Tunisienne D'Activites Petroliers (ETAP), the Tunisian national oil company, has the right to participate up to 45 percent and, under certain favorable economic conditions, up to 50 percent.
 The Gabes Meridional Permit is located 25 miles offshore in the Gulf of Gabes. Two major oil fields have been discovered in close proximity to the Permit area. The 290 million barrel Ashtart field lies about 2 miles to the north and the 750 million barrel Bouri field lies about 30 miles to the east. Both of these fields produce from the Eocene Metlaoui formation which is the target of the prospect identified in the Gabes Meridional Permit.
 Assignment of the interest is subject to Tunisian government approval.
 -0- 3/30/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY) CO: Occidental Petroleum Corp. ST: California IN: OIL SU: TNM


DM -- LA013 -- 2932 03/30/92 13:21 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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