press release

Unocal says Moulavi Bazar delineation well in Bangladesh tested 72 mmcf per day of gas

Dhaka, Bangladesh, Feb. 11, 2000 - Unocal Bangladesh Ltd. today said that the Moulavi Bazar #3 (MB 3#) well on block 14 in Bangladesh tested at a rate of 72 million cubic feet (mmcf) of dry, clean gas per day. Located in Block 14, this is another major gas field discovered in Bangladesh by Unocal Corporation and its subsidiaries.

The MB #3 well was drilled to a total depth of 7,872 feet (2,400 meters). The primary objectives were the Middle Miocene sandstones of the Lower Boka Bil Formation (BB50-70). The logging program identified about 101 feet (31 meters) of gas-bearing sand over an interval of 216 feet (66 meters). MB #3 lies on a vast subsurface geologic anticlinal structure spanning 8 miles (13 km) in length north to south, and an east to west width of 1.24 miles (2 km).

The MB #3 test was from perforations between 7,529 feet and 7,589 feet (2295 to 2313 meters). Flowing tubing pressure was 2,219 psi.

The MB #3 is the first well in Bangladesh completed as a "monobore" well design that was originally developed in the company's successful Thailand and Indonesia operations. MB #3 drilled to total depth in 8 days, the shortest time of any well drilled in Bangladesh. The total cost of MB #3 was less than $2.6 million.

Unocal and its wholly owned subsidiaries have previously announced discoveries of significant gas resources at the Jalalabad gas field, located in Block 13, and the Bibiyana gas field, located in Block 12. Unocal is moving forward with its plans for the Western Region Integrated Project (WRIP), and is working together with Petrobangla and the Government of Bangladesh regarding the award of new exploration blocks from the second bid round.

Unocal is one of the world's largest independent oil and gas exploration and production companies, with resource development, power plant and pipeline projects in Asia, the U.S. Gulf of Mexico region, Latin America and West Africa. Unocal recently received the "Outstanding Company of the Year Award" by the American Chamber of Commerce in Bangladesh, and is now the largest foreign investor in Bangladesh.

Forward-looking statements regarding future exploration and production activities, estimates of area extension in this news release are based on assumptions concerning operational, geological, market, competitive, regulatory, environmental, and other considerations. Actual results could differ materially as a result of factors discussed in Unocal Corporation's 1998 Form 10-K report filed with the U.S. Securities and Exchange Commission.

Updated: February 2000