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AMOCO AND ROMPETROL SIGN PETROLEUM EXPLORATION CONTRACT TO RESULT IN $20 MILLION INITIAL INVESTMENT IN ROMANIA

 AMOCO AND ROMPETROL SIGN PETROLEUM EXPLORATION CONTRACT
 TO RESULT IN $20 MILLION INITIAL INVESTMENT IN ROMANIA
 HOUSTON, Aug. 4 /PRNewswire/ -- An Amoco Production Company subsidiary today signed an agreement that includes drilling of at least two exploration wells, and will result in an initial investment by the company of about $20 million (U.S.) in Romania.
 According to terms of the agreement between Amoco Romania Petroleum Company and Rompetrol S.A., Amoco will acquire seismic and drill at least two exploration wells in Block 7, a 185,000 acre (750 square kilometer) area located in the Carpathian Mountains about 37 miles (60 kilometers) northeast of Bucharest.
 "Amoco is prepared to apply the latest exploration technology and concepts to discover new hydrocarbon resources in this area of the Carpathian Fold Belt," said David F. Work, Amoco Production group vice president for worldwide exploration. "If exploration efforts are successful and oil and gas development proves to be commercially viable in the area, the total future investment for a major development project could potentially be much greater than the $20 million we plan to spend in the next few years."
 Block 7 is one of 15 areas included in the international bid round that was announced in September 1990 by Rompetrol for the government of Romania. The award of the block follows competitive bidding conducted last year.
 According to its agreement with Amoco, Rompetrol has an option to acquire up to 20 percent interest in future development of hydrocarbons in the block.
 Work said the agreement is consistent with Amoco's strategy of investing resources in areas with known hydrocarbon potential.
 "Oil and gas were first found in Romania in 1857," he said. "Amoco looks forward to beginning exploration studies this fall to discover additional resources in what is historically one of Central Europe's major oil producing areas."
 The agreement was signed today in Bucharest by Rompetrol Director General and Chairman of the Board Ovidiu Calinescu. Work signed the agreement for Amoco Romania, a wholly owned subsidiary of Amoco Production Company. This is Amoco's first contract for exploration of oil and gas in Central Europe.
 Amoco Production Company, the worldwide petroleum exploration and production subsidiary of Chicago-based Amoco Corporation (NYSE: AN), has operations in more than 30 countries.
 -0- 8/4/92
 /CONTACT: Patricia Wright, 312-856-5566; or Margaret Laney, 713-556-7114; both of Amoco Corporation/
 (AN) CO: Amoco Corporation ST: Illinois IN: OIL SU: JVN


KK -- CL013 -- 6708 08/04/92 13:40 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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