OCCIDENTAL ANNOUNCES MAJOR GAS DISCOVERY IN MALAYSIA
OCCIDENTAL ANNOUNCES MAJOR GAS DISCOVERY IN MALAYSIA LOS ANGELES, April 27 /PRNewswire/ -- Occidental Petroleum Corp.
(NYSE: OXY) announced today that Occidental Petroleum (Malaysia) Ltd. successfully tested gas and condensate in a very large carbonate reef offshore Sarawak in East Malaysia.
Jintan-1, located in the 4.2 million acre Block SK-8 approximately 175 miles offshore from Bintulu, flowed 32.9 million cubic feet of gas per day and 832 barrels per day of 47.2 degree API gravity condensate through a 1-inch choke from 154 feet of perforations between 5,256 feet and 5,410 feet. The gas contains less than 2 percent carbon dioxide and no hydrogen sulfide. Water depth at the well location is 427 feet. In announcing the new discovery, Dr. Ray R. Irani, chairman, president and chief executive officer, said that Jintan-1 was the second well drilled in a multi-well program for 1992. "We are very encouraged that we have made a new discovery containing significant amounts of gas of excellent quality. Further drilling will be required to determine its actual extent and potential reserves," Irani said. Occidental is the operator of Block SK-8 with a 37.5 percent interest. Nippon Oil holds a 37.5 percent interest which they acquired from Occidental in 1991. Petronas Carigali holds a 25 percent interest. -0- 4/27/92 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/ (OXY) CO: Occidental Petroleum Corp.; Occidental Petroleum (Malaysia) Ltd. ST: California IN: OIL SU: DSC
KJ -- LA032 -- 3379 04/27/92 16:47 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 27, 1992|
|Previous Article:||AIG APPOINTS ANDREW WARREN SENIOR EXECUTIVE FOR WORLDWIDE ACCIDENT AND HEALTH BUSINESS|
|Next Article:||NUVEEN FUNDS' SHAREHOLDERS APPROVE REVISED MANAGEMENT FEES|