ELF TO ACQUIRE OXY N. SEA UNIT FOR $1.35 BILLION

Ste. Nationale Elf Aquitaine has agreed to acquire Occidental Petroleum Corp.'s U.K. oil and gas subsidiary for $1.35 billion cash plus other considerations. Elf will put the Occidental Petroleum Great Britain Inc. (OPGB) interests into a proposed new company to be owned two thirds by the French state owned company and one third by U.K. independent Enterprise Oil plc. Enterprise in turn will put 19% of Nelson oil field--one of the biggest U.K. North Sea development projects--into the new

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