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OCCIDENTAL'S FIRST EXPLORATION DISCOVERY IN RUSSIA

 LOS ANGELES, Sept. 16 /PRNewswire/ -- Occidental Petroleum Corp. announced today that its Parmaneft joint venture in the Russian Republic of Komi has made a significant oil discovery.
 South Terekheveiskaya Parmaneft-1, located on the 1.5 million-acre Block 15, flowed at a combined rate of 6,480 barrels per day of 43-degree API gravity oil from a 282-foot interval between 5,102 feet and 5,384 feet in a large Devonian carbonate structure. Appraisal drilling will begin early next year to determine the size of the discovery.
 In announcing the discovery well, Dr. Ray R. Irani, chairman, president and chief executive officer, said, "We are very pleased with the exploration results that Parmaneft is experiencing to date. Block 15 is a large block with great potential for further discoveries, and we will drill additional wildcat wells next year."
 In June 1992 Occidental was the successful bidder for the exploration and exploitation rights to Block 15 in the prolific Timan Pechora petroleum basin, where 4 billion barrels of oil have been discovered. Following the award, Occidental and Ukhtaneftegasgeologia (UNGG), one of the Republic of Komi's petroleum enterprises, signed a contract establishing the Parmaneft joint venture.
 Block 15 lies just south of the Arctic circle and west of the Ural mountains near the city of Pechora. A crude oil pipeline with surplus capacity is located about 30 miles south of the block and will facilitate early development.
 -0- 9/16/93
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183/


CO: Occidental Petroleum Corp. ST: California IN: OIL SU: DSC

LM-LS -- LA026 -- 2824 09/16/93 16:36 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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