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OCCIDENTAL AWARDED EXPLORATION BLOCK IN THE REPUBLIC OF KOMI, RUSSIA

OCCIDENTAL AWARDED EXPLORATION BLOCK IN THE REPUBLIC OF KOMI, RUSSIA
 LOS ANGELES, June 1 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) announced today that its wholly owned subsidiary, Occidental of the Republic of Komi Inc., was the successful bidder, with an offer of $10.1 million, for the exploration and exploitation rights to the 1.5 million acre Block 15 located in the prolific Timan Pechora petroleum basin in the Republic of Komi, Russia.
 Following the award on May 29, 1992, Occidental and Ukhtaneftegasgeologica (UNGG), one of the Republic of Komi's petroleum enterprises, signed a contract establishing the Parmaneft exploration and exploitation joint venture in which Occidental has a 75 percent interest. The joint venture will own the rights to Block 15. The joint venture contract has a five-year exploration term and a 25-year exploitation period. Occidental will pay 100 percent of the exploration costs and has the option to discontinue exploration at the end of each contract year. The contract becomes effective after its registration in the Russian Federation Ministry of Finance.
 In announcing the award, Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, said that Occidental is very enthusiastic about the exploration potential of the block. "Our block is located in the midst of a basin where four billion barrels of oil have been found. We believe that this project will be mutually beneficial for the Republic of Komi and Occidental, and we look forward to working with UNGG," Irani said.
 Block 15 lies just south of the Arctic Circle and west of the Ural mountains, near the town of Ukhta. A crude oil pipeline with surplus capacity is located about 30 miles from identified prospects on the block.
 Exploration activities will begin as soon as possible with the reprocessing of 2,000 kilometers of existing seismic data and the initiation of a 1,300-kilometer seismic recording program.
 -0- 6/1/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY) CO: Occidental Petroleum Corp. ST: California IN: OIL SU:


JL -- LA037 -- 5965 06/01/92 18:48 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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