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ASHLAND, NIGERIAN NATIONAL PETROLEUM CORP. SIGN PRODUCTION SHARING AGREEMENT

 ASHLAND, NIGERIAN NATIONAL PETROLEUM CORP.
 SIGN PRODUCTION SHARING AGREEMENT
 ASHLAND, Ky., March 26 /PRNewswire/ -- Ashland Nigeria Exploration Unlimited, a unit of Ashland Oil, Inc. (NYSE: ASH), and the Nigerian National Petroleum Corporation (NNPC) announced today that they have signed a production sharing contract for the exploration and potential development of two offshore petroleum licenses in Nigeria.
 The agreement covers the contiguous blocks OPL 90 and OPL 225, which encompass approximately 600,000 acres. The blocks lie in 250 feet to 600 feet of water, 25 miles offshore from the Brass River Oil Terminal. The agreement calls for a five-year exploration effort, including seismic acquisition and a multi-well drilling program. New seismic acquisition is expected to begin in the late summer of 1992.
 According to G.T. Wilkinson, a senior vice president of Ashland Oil and president of Ashland Exploration, Inc., previous exploration in the Niger Delta blocks has identified major Tertiary features, two of which flow-tested significant volumes of oil. This production trend includes the prolific Agbara Field.
 "We are pleased to have reached this new accord with NNPC and are optimistic about the significant potential for future crude oil production," Wilkinson said.
 Ashland has operated in Nigeria since 1974 and currently produces about 26,000 barrels of crude oil per day under an existing contract with NNPC. In addition to oil and gas exploration and production, Ashland Oil is engaged in petroleum refining, transportation and wholesale marketing; retail gasoline marketing; motor oil marketing; chemicals; coal; and highway construction.
 -0- 3/26/92
 /CONTACT: Roger Schrum of Ashland Oil, Inc., 606-329-4061/
 (ASH) CO: Ashland Oil, Inc.; Ashland Nigeria Exploration Unlimited;
 Nigerian National Petroleum Corporation ST: Kentucky IN: OIL SU:


DM -- PG004 -- 1895 03/26/92 10:48 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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