The nation's fourth-biggest oil company said Wednesday that it had found the equivalent of 150 million to 250 million barrels of oil, adding that two-thirds of the new source is believed to be natural gas. The Los Angeles company owns 80 percent of the Central California field. 'We believe this to be the largest new oil and gas discovery made in California in more than 35 years,' said Ray R. Irani, Occidental chairman and chief executive. Analysts described the discovery -- probably the result of improved exploration technology -- as major. The find could lead other energy companies to redouble their U.S. drilling efforts, they said. 'Occidental's reserves as of the end of last year were about 33 billion barrels. Even if you take the low end of their estimate, it's a very meaningful find,' said Fadel Gheit, senior energy analyst for Oppenheimer & Co. The discovery is all the more valuable because of its location, he said. 'They don't have to travel far,' Gheit said. 'They don't have to negotiate complicated agreements with foreign governments. Basically, they will be drilling in their own backyard.' 