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CANADIAN OCCIDENTAL PETROLEUM LTD. DECLARES COMMERCIALITY ON MASILA BLOCK REPUBLIC OF YEMEN

 CANADIAN OCCIDENTAL PETROLEUM LTD. DECLARES
 COMMERCIALITY ON MASILA BLOCK REPUBLIC OF YEMEN
 CALGARY, Alberta, Dec. 18 /PRNewswire/ -- Canadian Occidental Petroleum Ltd. (AMEX, Toronto, Montreal: CXY), on behalf of its wholly owned subsidiary, CanadianOxy Offshore International Ltd., and its joint venture partners, Consolidated Contractors International Company SAL, Occidental Peninsula Inc. (an Occidental Petroleum Corporation subsidiary) and Pecten Yemen Co. (a Shell Oil Co. subsidiary), delivered a letter today to the minister of oil and mineral resources declaring commerciality on a portion of the Masila Block in the Republic of Yemen.
 The decision to declare commerciality was based on previously reported discoveries in the Sunah, Heijah and Camaal fields with an estimated 550 million barrels of oil in place and estimated recoverable reserves to date of 235 million barrels discovered to date.
 Current project planning assumes a gathering system and modular central processing unit initially capable of handling 120,000 b/d and a 24-inch 160 km. pipeline to a coastal export terminal. Estimated development costs are expected to be in excess of $500 million (U.S.). A development plan will be submitted for approval to the ministry of oil and minerals in January of 1992.
 The joint venture partners are pursuing an accelerated development project which, subject to government approval, anticipates initial production in the second half of 1993.
 Canadian Occidental Petroleum Ltd. is a publicly traded, diversified energy and chemicals company listed on the Toronto, Montreal and American stock exchanges. The company's headquarters is in Calgary.
 -0- 12/18/91
 /CONTACT: John S. McKay of Canadian Occidental Petroleum, 403-234-6700/
 (CXY.) CO: Canadian Occidental Petroleum Ltd. ST: Alberta IN: OIL SU:


KJ -- LA015 -- 3585 12/18/91 16:53 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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