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UNION TEXAS PETROLEUM SAYS YPF TO JOIN IN OFFSHORE ARGENTINA EXPLORATION VENTURE

 HOUSTON, Oct. 21 /PRNewswire/ -- Union Texas (Argentina) Ltd., a subsidiary of Union Texas Petroleum Holdings, Inc. (NYSE: UTH) today announced that it has signed an agreement with YPF Sociedad Anonima (YPF), the former Argentine national oil company, to join Union Texas in an exploration venture offshore Argentina.
 Union Texas is operator of the 4.4 million-acre Cuenca Colorado Marina-1 block, situated about 155 miles offshore in the South Atlantic Ocean approximately 310 miles south of Buenos Aires. Union Texas has a 50 percent interest in the block, with YPF holding a 35 percent interest. The remaining 15 percent is held by Perez Companc, a large Argentine company with diversified interests.
 "We are very pleased to have YPF join us in this exciting new exploration venture," said Union Texas Senior Vice President- International Exploration & Production Art Peabody. "Given YPF's extensive technical expertise in Argentina, we are especially pleased that YPF selected the Cuenca Colorado Marina-1 as a venture which it wanted to join."
 Union Texas, with over 30 years of experience in exploring for and producing oil in Argentina, signed a risk service contract in 1990 to explore for and produce hydrocarbons on the Cuenca Colorado Marina-1 block. In August 1993, the risk service contract was converted into an exploration permit.
 During the past few years, Union Texas has completed the processing and interpretation of an extensive seismic survey of the area. According to Peabody, Union Texas and its co-venturers plan to drill a well on the block during the first half of 1994.
 One of the largest independent producers located in the U.S., Houston-based Union Texas Petroleum Holdings, Inc. explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic areas. The company also has petrochemicals interests in the U.S.
 -0- 10/21/93
 /CONTACT: Carol L. Cox of Union Texas Petroleum, 713-968-2714/
 (UTH)


CO: Union Texas Petroleum Holdings, Inc.; YPF Sociedad Anonima ST: Texas IN: OIL SU: DSC

TS -- NY015 -- 4958 10/21/93 08:17 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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