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OCCIDENTAL ACQUIRES EXPLORATION BLOCK OFFSHORE MALAYSIA

 LOS ANGELES, Oct. 22 /PRNewswire/ -- Occidental Petroleum Corporation announced today that Occidental Petroleum (Malaysia) Ltd. has signed a production sharing contract with Petronas covering the 3.2 million acre (12,990 square kilometers) SK-3 contract area offshore Sarawak, Malaysia. The SK-3 block is adjacent to the SK-8 block where Occidental has made four gas discoveries including the prolific Serai and Jintan fields.
 Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, said "Acquisition of the SK-3 block increases our gross acreage position to 8.5 million acres in the gas prone Central Luconia basin, and is part of our strategy to build reserves which will support construction of a new liquified natural gas facility in Sarawak
Malaysia." Dr. Irani added that the company plans to commence drilling the first well on the block within a few weeks.
 Under the petroleum production sharing contract with Petroliam Nasional Berhad (Petronas), Occidental is the operator of block SK-3 with 37.5 percent interest. Nippon Oil exploration (Sarawak) Ltd. also holds a 37.5 percent interest and Petronas Carigali hold the remaining 25 percent.
 -0- 10/22/93
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183/


CO: Occidental Petroleum Corp.; Petronas ST: California IN: OIL SU: CON

JB-EH -- LA013 -- 5758 10/22/93 13:19 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
Words:218
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