OXY SETTLES DISPUTE WITH PERU OIL FIRM

Occidental Petroleum Corp. will spend at least $60 million for exploration and development the next 2 years in Peru under a pact with state owned Petroleos del Peru that resolves a long dispute over production and prices. Plans call for Oxy to drill 20 development wells on its jungle Block 1AB in 1992-93. It has options to drill another 10 wells in 1994 and two more in 1995, depending on results of the initial program. That compares with 14 wells Oxy has drilled on the block since 1985.

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