03/31/94                  PETROLEUM NEWS & QUOTES
   (AP)  A potential  frontier  of  new  petroleum  development  and  higher
natural  gas  prices  led  to a sharp jump in bidding Wednesday for drilling
tracts offshore from Louisiana, Alabama and Mississippi.
   High bids totaling $277 million were received as the federal government
leased 375 blocks of nine square miles each in the Gulf of Mexico, the Minerals
Management Service said. Eighty-two companies participated in the sale.
   That's up from last year's $69.1 million in high bids on 201 blocks.
   Much of the increased interest apparently stemmed from a successful well
drilled off the Louisiana coast last year by Anadarko Petroleum Corp., Phillips
Petroleum Co. and Amoco Production Co. The well showed there is oil and gas
below a massive layer of salt that lies deep in the earth's crust.
   ``It's very, very early to make wide predictions,'' said Chris Oynes, acting
regional director of the service. ``But the industry is looking at this as very
considerable potential to add to reserves. One well is not going to prove this
up. But this is adding another frontier area to look for oil and gas.''
     INT'L SPOT MARKET    BID/ASK   THURSDAY         WEDNESDAY
  UAE'S DUBAI LIGHT CRUDE        $12.15-12.20    $11.85-11.95
  NORTH SEA BRENT CRUDE          $13.08-13.13    $13.22-13.27
  WEST TEXAS INTERMEDIATE CRUDE  $14.30-14.35    $14.35-14.40
  LIGHT LOUISIANA SWEET                          $14.60-14.65
  NORTH SEA BRENT, (IPE) MAY     $13.29          $13.25
             SPOT MARKET  (PER 100 GALLONS)
  UNLEADED GASOLINE (GULF)                       $47.44-47.64
  NO. 2 HEATING OIL (NY)                         $48.69-48.89