Oxy Overseas Reserves Are Up: Los Angeles-based Occidental Petroleum Corp. says that by the end of 1992 it will have more than replaced with new oil reserves the oil it produced worldwide--with 100 million barrels of new reserves compared to 68 million barrels of production. International operations alone produced almost twice as much in reserves as Oxy's 1992 production of 46 million barrels. Chairman Ray R. Irani credited exploration successes, especially in Yemen and the Philippines, as well as its Russian enhanced-oil recovery project. On Tuesday, Oxy announced acquisition of a 70% interest in a 214,000-acre offshore exploration tract near Palawan Island in the Philippines.
From Times Staff and Wire Reports
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