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OCCIDENTAL OBTAINS APPROVAL TO COMMENCE DEVELOPMENT OF BLOCK 15 DISCOVERIES IN ECUADOR

 OCCIDENTAL OBTAINS APPROVAL TO COMMENCE
 DEVELOPMENT OF BLOCK 15 DISCOVERIES IN ECUADOR
 LOS ANGELES, Aug. 3 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) announced today that the government of Ecuador has approved plans to develop Occidental's discoveries in the 494,000- acre Block 15, located in the Amazon region south of the giant Shushufindi oil field.
 Production is scheduled to begin by mid-year 1993 at 15,000 barrels per day and increase to 30,000 barrels per day within two months. The development project will include the drilling of development wells, the construction of a centralized production facility and oil gathering system, and the laying of a 17-mile pipeline connecting to the existing export pipeline system at Shushufindi. Aggregate recoverable oil is estimated to be approximately 225 million barrels during the 20-year exploitation period.
 Occidental is the operator under a risk service contract with Petroecuador, the Ecuadorian national oil company. Under the terms of the contract, Petroecuador is required to pay Occidental a fee on production which represents profit plus the cost of exploration, development and operations.
 In announcing Ecuador's approval, Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, stated that Occidental will start development work immediately. "We expect to meet our mid-1993 production schedule and intend to conduct an operation which will be beneficial in all respects to the Ecuadorian people."
 Occidental began exploratory operations in 1985. To date, more than 1,500 kilometers of seismic have been recorded and six exploratory wells and two confirmation wells have been drilled. Several additional exploratory leads have been identified and will be pursued in the future.
 The parent company of the affiliate holding the rights to Block 15 is owned 85 percent by Occidental International Exploration and Production Co. and 15 percent by Canadian Occidental.
 -0- 8/3/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental/
 (OXY) CO: Occidental Petroleum Corp. ST: California IN: OIL SU:


EH -- LA019 -- 6197 08/03/92 13:04 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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