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INTERNATIONAL PETROLEUM CORP. ANNOUNCES CONTRACT AWARD TO BUKHA FIELD OFFSHORE OMAN

 VANCOUVER, British Columbia, Jan. 5 /PRNewswire/ -- As operator of the Bukha Field Development, International Petroleum Corp. (NASDAQ: IRPP.F; Toronto, Vancouver: IRP) ("IPC") announces that the contract for the construction of the offshore facilities, including jacket/topside fabrication and pipeline installation, has been awarded to OPMI of Bahrain. Detailed engineering commenced in November by Global Engineering in London. Construction is expected to start in May and the target completion date is Nov. 30, 1993.
 The development consists of completing two of the existing three wells and tieing the wellstreams into the existing onshore production and plant facilities in the neighbouring Emirate of Ras Al Khaimah. The initial production rate is expected to be 4,500 BPD of condensate, 1,100 BPD of LPG and 40 MMSCFPD of residual gas. IPC and Transworld Exploration Ltd. each have a 50 percent working interest in the concession.
 Separately, IPC reached a preliminary agreement with Eagle International of the UK that will reduce IPC's working interest to 40 percent.
 -0- 1/5/93
 /CONTACT: Ian H. Lundin, president of International Petroleum, 604-689-7842/
 (IRPP IRP)


CO: International Petroleum Corp. ST: British Columbia IN: OIL SU:

EH -- LA018 -- 1821 01/05/93 14:34 EST
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Date:Jan 5, 1993
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