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OCCIDENTAL ANNOUNCES ENHANCED OIL RECOVERY PROJECT IN VENEZUELA

 LOS ANGELES, Nov. 22 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) announced today that it has executed a 20-year operating services agreement with Maraven, an affiliate of the Venezuelan national oil company, to increase oil production and reserves from the 968,600-acre DZO Unit located west of Lake Maracaibo.
 Occidental expects to increase production from the unit's eight partially developed fields to 40,000 barrels per day in 1997 from the current 6,000 barrels per day and estimated recoverable oil is expected to reach 130 million barrels. Occidental is the operator with a 100 percent interest.
 In announcing the agreement, Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, said, "The DZO Unit fits Occidental's strategy to acquire major interests in properties that have the potential for a significant increase in both oil production and reserves. We expect to commence a workover and drilling program no later than February 1994."
 A three-year program will be undertaken to develop fully the producing reservoirs and to appraise the partially tested, deeper formations. The work program will include the workover and repair of existing wells, the drilling of new wells, the installation of high rate pumping equipment in all wells and the expansion of existing production facilities to accommodate the increased production. If the development and appraisal program is successful, a water flood of the Marcelina reservoirs will be considered to further increase production and recoverable oil.
 -0- 11/22/93
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183/
 (OXY)


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

MF-JB -- LA021 -- 6846 11/22/93 13:38 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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