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TEXACO ANNOUNCES OIL DISCOVERY, OFFSHORE PENINSULAR MALAYSIA

 TEXACO ANNOUNCES OIL DISCOVERY, OFFSHORE PENINSULAR MALAYSIA
 WHITE PLAINS, N.Y., March 26 /PRNewswire/ -- Texaco Inc. (NYSE: TX) announced today that its subsidiary, Texaco Exploration Penyu Inc., completed a successful discovery in 237 feet of water on Block PM-14, located 100 miles offshore Kuantan, State of Pahang, Peninsular Malaysia.
 The wildcat well, designated Rhu-1/A flowed a combined rate of 6,050 barrels per day of 34 degrees to 39 degrees API oil through a one-half inch choke from three zones between 2,602 and 2,672 meters (8,537 and 8,767 feet).
 Rhu-1/A is the fourth well of an exploratory campaign which commenced in PM-14 in the third quarter of 1991, and is an important part of Texaco's worldwide frontier exploration effort. Of further significance is that Rhu-1/A is the first discovery in the Malaysian Penyu Basin, which was heretofore unproven as a petroleum basin. Block PM-14 contains approximately 2.7 million acres and covers virtually the entire Penyu Basin.
 Commenting on the results of the well, Texaco Frontier Exploration Department General Manager Clarence Cazalot said: "We are pleased with the results of this important discovery, which may open up a new producing basin. Additional seismic data acquisition and further delineation drilling are planned in order to establish the commerciality of this area."
 The well was drilled by the semisubmersible Hakuryu III. Participating interests in PM-14 are Texaco 37.5 percent (operator), Petronas Carigali 25 percent, Clyde Petroleum plc 22.5 percent, and Santos Ltd. 15 percent.
 "This discovery is a demonstration of Texaco's upstream strategy of balancing high-risk/high-potential frontier exploration with lower risk exploration in established areas," Cazalot added.
 The company's Frontier Exploration Department acquired a total of 12.7 million net acres on 10 new frontier exploration plays in nine countries during 1991.
 -0- 3/26/92
 /NOTE TO EDITORS: A map is available upon request./
 /CONTACT: Jim Swords of Texaco Inc., 914-253-4103/
 (TX) CO: Texaco Inc. ST: New York IN: OIL SU: DSC


SH -- NY034 -- 1925 03/26/92 11:37 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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