SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC. 20549



                                    FORM 8-K



                             Current Report Pursuant
                          to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934



    Date of report (Date of earliest event reported)  October 14, 1997
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                               UNOCAL CORPORATION
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             (Exact name of registrant as specified in its charter)



                                    Delaware
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                 (State or Other Jurisdiction of Incorporation)



           1-8483                                     95-3825062
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(Commission File Number)                 (I.R.S. Employer Identification No.)



2141 Rosecrans Avenue, Suite 4000, El Segundo, California          90245
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(Address of Principal Executive Offices)                        (Zip Code)



                                 (310) 726-7600
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              (Registrant's Telephone Number, Including Area Code)






Item 5.           Other Events.

On October 14, 1997 the following news release was issued:


                          UNOCAL LOOKS TO ENHANCE VALUE
                         OF CANADIAN OIL AND GAS ASSETS
                         ------------------------------


     El Segundo,  Calif.,  Oct. 13, 1997 -- Unocal  Corporation said today it is
considering the restructuring of certain Canadian oil and gas assets held by its
Unocal Canada, Ltd., subsidiary.

     The company said the restructuring  could involve an exchange of assets for
an equity  interest in a publicly  traded  Canadian oil and gas company,  or the
formation of an alliance, joint venture or operating partnership with a Canadian
firm.

     "Our objective with this  restructuring  is to enhance the long-term growth
and value of our Canadian oil and gas  properties,"  said Charles R. Williamson,
Unocal group vice president for International Operations.  "We feel that we have
significant potential in Canada, and joining with an aggressive Canadian company
will enable us to realize the full value of those assets for our stockholders."

     Unocal Canada's current working interest production from fields in
Alberta,  British  Columbia  and  Saskatchewan  is about  25,000  barrels of oil
equivalent per day (before royalty interest).

     Williamson  noted that Unocal and its advisors had narrowed the discussions
to a short list of key Canadian  firms and would open a data room shortly.  CIBC
Wood Gundy is acting as financial advisor for Unocal.

     The company did not  indicate a schedule for  negotiations  or an estimated
date for completion of the transaction.






Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.




                                           UNOCAL CORPORATION
                                              (Registrant)




Date:  October 14, 1997                    By:  /s/ JOSEPH A. HOUSEHOLDER
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                                           Joseph A. Householder
                                           Vice President, Tax and Comptroller