1
 
                                                                    EXHIBIT 23.1
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
   
     We hereby consent to the incorporation by reference in the Prospectus
constituting part of this Registration Statement on Form S-3 of our report dated
January 26, 1994 appearing on page 29 of Union Texas Petroleum Holdings, Inc.'s
Annual Report on Form 10-K for the year ended December 31, 1993. We also consent
to the reference to us under the heading "Experts" in such Prospectus.
    
 
PRICE WATERHOUSE
    
Houston, Texas
May 24, 1994