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MOBIL SWAPS INTERESTS IN TWO OIL FIELDS TO HUSKY FOR INCREASED STAKE IN NATURAL GAS OFFSHORE CANADA

 FAIRFAX, Va., Nov. 19 /PRNewswire/ -- Mobil Oil Canada, an affiliate of Mobil Corporation, has agreed with Husky Oil Operations Ltd. to exchange all Husky's natural gas field interests on the Scotian Shelf offshore Nova Scotia for Mobil's interests in two oil fields offshore Newfoundland. None of the fields have been developed.
 Mobil will acquire Husky's 12 percent interest in Alma, 21 percent interest in Glenelg, 34 percent interest in North Triumph, and 9 percent interest in Thebaud, a field in which Mobil already has a 51 percent interest.
 Before this exchange, Mobil already had significant interests in four other natural gas fields in the area: a 42 percent interest in each of the Venture, West Venture, South Venture, and Olympia fields. With this trade, Mobil will hold in the aggregate a 35 percent interest in all natural gas discoveries to date on the Scotian Shelf.
 In return, Husky will receive Mobil's 22 percent interest in Whiterose and 19 percent interest in North Ben Nevis, two oil fields located offshore Newfoundland.
 Both companies are finalizing contractual arrangements.
 Paul J. Hoenmans, president of Mobil's Exploration and Producing Division, said, "This exchange is part of Mobil's long-term strategy to maximize our interests in areas where we already have a significant presence, and to position ourselves for long-term growth in the development of oil and gas resources. Now we will enhance our position in natural gas on the Scotian Shelf while we continue to maintain our strong position offshore Newfoundland, where we have the largest share at 33.12 percent in the Hibernia project, and a 20.7 percent interest in the Terra Nova oil field 25 miles southest of Hibernia."
 -0- 11/19/93
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB)


CO: Mobil Oil Canada; Mobil Oil Corporation; Husky Oil Operations Ltd. ST: Virginia IN: OIL SU: TNM

LG -- NY021 -- 6441 11/19/93 10:21 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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