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OCCIDENTAL ACQUIRES ADDITIONAL EXPLORATION RIGHTS IN PHILIPPINES

OCCIDENTAL ACQUIRES ADDITIONAL EXPLORATION RIGHTS IN PHILIPPINES
 LOS ANGELES, Oct. 22 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) announced today that its wholly owned subsidiary, Occidental Philippines Inc., had signed a contract to conduct a geophysical survey on the 410,000-acre West Culion block offshore northwest Palawan Island, the southwestern most of the major Philippine Islands. The new block is contiguous to the northerly boundary of Block SC-38 in which Shell and Occidental made a major oil and gas discovery in the Malampaya-1 exploratory well earlier this year.
 Occidental will commence a 1,000-kilometer seismic survey in late 1992 and, depending on the results, may elect to drill up to two exploratory wells. At the end of the exploratory program, Occidental has the option to enter into a service contract for further exploration or development.
 In announcing the new block, Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, said that Occidental's geologists feel that this acreage may contain other structures similar to the Malampaya discovery.
 "We believe that our new block is strategically located in a region which has the potential to become a new major oil and gas province," Irani said.
 Occidental is the operator with an 85 percent interest. Basic Petroleum and Minerals Inc., a Philippine company, has the remaining 15 percent interest.
 -0- 10/22/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY) CO: Occidental Petroleum Corp.; Occidental Philippines Inc. ST: California IN: OIL SU: CON


BP -- LA023 -- 3681 10/22/92 13:49 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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