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UNOCAL SIGNS OFFSHORE EXPLORATION AGREEMENT WITH REPUBLIC OF TRINIDAD AND TOBAGO

 LOS ANGELES, Jan. 8 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) today announced the signing of a petroleum exploration agreement between Unocal Trinidad Ltd. and the Republic of Trinidad and Tobago for a frontier block 45 miles off the east coast of Trinidad.
 Unocal plans to spend at least $22 million to explore block 89/3 over the next three years. Under the terms of the agreement, the company will drill three wells and acquire extensive 3-D seismic data. All work will be conducted with an emphasis on minimizing impact to the marine environment.
 "We're eager to begin work in such a promising area," said Roger C. Beach, Unocal president and chief operating officer, who represented Unocal at today's signing ceremony in Port of Spain, Trinidad. "This venture reflects the new focus of Unocal's worldwide exploration activity -- on areas that best fit our strengths, where we can commit resources most effectively."
 Unocal plans to begin a 3-D seismic program in the near future. This is the first time the company has carried out such an extensive seismic survey so early in an exploration program. The first well will be drilled in 1994.
 This is the first exploration contract Unocal has signed since restructuring its worldwide exploration group in September 1992. The restructuring enables Unocal to advance its strategy of concentrating on high-potential, mostly frontier, areas. The company narrowed its focus to fewer geologic trends and reduced professional exploration staff by one-third. The function was centralized in Sugar Land, Texas.
 Block 89/3, with an average water depth of 300 feet, totals some 486 square miles. Unocal, the operator, holds a 100 percent interest.
 Unocal Trinidad Ltd. will soon establish a Port of Spain office, staffed predominantly by Trinidadians. Under the terms of the exploration and production license, Unocal will also make significant contributions to petroleum-related research, development and training in Trinidad and Tobago.
 -0- 1/8/93
 /CONTACT: Barry Lane of Unocal, 213-977-7601/
 (UCL)


CO: Unocal Corp.; Unocal Trinidad Ltd. ST: California IN: OIL SU:

JB-LS -- LA003 -- 5614 01/08/93 11:05 EST
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Date:Jan 8, 1993
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