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ARCO TRANSFERS ALL ITS INTERESTS IN PLATFORM HOLLY, RELATED SANTA BARBARA COUNTY OIL AND GAS FACILITIES TO MOBIL

 Ends 27-Year History of Offshore Development in Channel
 LOS ANGELES, April 8 /PRNewswire/ -- ARCO announced today that it has transferred all its interests in Platform Holly and related oil and gas facilities in Santa Barbara County, Calif., to Mobil Oil Corp., thus ending its 27-year history of offshore energy development in Santa Barbara Channel.
 The transfer became effective April 1. ARCO will continue to operate the platform under contract to Mobil for a transition period of up to 60 days.
 About 40 people are employed at the various facilities. During the transition period, Mobil will determine staffing requirements and possible hiring from within the existing workforce.
 Installed in 1966 about two miles offfshore Goleta, Platform Holly was jointly owned by ARCO and Mobil, with ARCO as operator. Peak daily production from the 30-well facility was about 11,000 barrels of oil. Current daily production is about 4,600 barrels of oil and more than 3 1/2 million cubic feet of natural gas.
 Along with Holly, Mobil also acquired ARCO's interests in three associated oil and gas leases, the Ellwood Marine Terminal, Ellwood Processing Plant, and two steel containment structures used to capture natural gas seeps from the ocean floor. Assignment of the leases to Mobil was approved by the California State Lands Commission.
 "The Santa Barbara Channel is no longer an area of strategic interest to ARCO," said Dan White, manager of ARCO Oil and Gas Co.'s California business unit. (AOGC is the Lower 48 exploration and production division of Los Angeles-based ARCO.)
 "We take great pride in the safety and environmental record achieved by our personnel during ARCO's 27 years of operation in this environmentally sensitive area."
 -0- 4/8/93
 /CONTACT: Al Greenstein of ARCO, 213-486-3384/


CO: ARCO; Mobil Oil Corp. ST: California IN: OIL SU: TNM RLE

MS-JB -- LA025 -- 4341 04/08/93 15:25 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
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