Unocal finds oil, gas

Unocal finds oil, gas

SINGAPORE (AFP): Unocal Corp. here said yesterday its
Indonesian subsidiary had discovered a potentially large new
offshore oil and gas field.

The Seguni-1 exploration well in the Mahakam Delta area was
drilled to a depth of 12,778 feet (93,872 metres) when it
encountered the hydrocarbon deposits, the U.S. oil and gas
exploration company said in a statement issued by its regional
headquarters here.

"We are very encouraged by the results of this exploration
well," said Unocal chairman and chief executive Roger Beach in
the statement.

"We plan to proceed with a development program that could
allow us to begin oil production in early 1996," he said.

It is the fifth successful discovery well drilled in the last
six months by Unocal in the Mahakam Delta area offshore East
Kalimantan.

Unocal Indonesia Co., under a production-sharing contract with
Pertamina, the Indonesian national oil company, operates six
fields in the region.