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COASTAL ANNOUNCES ARGENTINE INVESTMENT

 COASTAL ANNOUNCES ARGENTINE INVESTMENT
 HOUSTON, Feb. 6 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP)


announced today it is acquiring through subsidiaries a 23.33 percent interest in five producing oil and natural gas fields covering about 370,650 acres in Tierra del Fuego Province, Argentina.
 Coastal; Bridas S.A.P.I.C., a private Argentine oil and gas company; and Chauvco Resources Ltd. of Calgary, Canada, acquired 70 percent interest in the five fields from Y.P.F. Sociedad Anonima, the Argentine state-owned oil company, for US$143.5 million.
 Y.P.F. retains a 30 percent interest.
 Bridas will act as operator of the fields, which include 140 wells producing approximately 54 million cubic feet daily of natural gas and 6,600 barrels of oil per day. Production figures are expected to improve in future years.
 "The agreement increases Coastal's reserves by an equivalent 8 million barrels of oil and 209 bcf of natural gas," said James R. Paul, Coastal's president and chief executive officer. "These increased reserves come at an economically advantageous cost to Coastal."
 Natural gas is marketed through Gas del Estado and is delivered to Buenos Aires and elsewhere in Argentina. Oil from Tierra del Fuego is piped to the terminal at Cruz del Sur and sold in Argentina as well as world markets.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of $9 billion and subsidiary operations in natural gas transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 -0- 2/6/92
 /CONTACT: Steve Eames of Coastal, 713-877-6733/
 (CGP) CO: The Coastal Corporation ST: Texas IN: OIL SU:


CK-SM -- NY077 -- 7773 02/06/92 13:32 EST
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Publication:PR Newswire
Date:Feb 6, 1992
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