| Group 4 | 04/07/1988 | Bolívar | - | Oriente Petrolero | 1:2 |  |
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| Group 4 | 18/07/1988 | Oriente Petrolero | - | Club Olimpia | 1:0 | ||||
| Group 4 | 25/07/1988 | Oriente Petrolero | - | Cerro Porteño | 2:2 | ||||
| Group 4 | 08/08/1988 | Oriente Petrolero | - | Bolívar | 1:3 | |
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| Group 4 | 15/08/1988 | Cerro Porteño | - | Oriente Petrolero | 1:0 | ||||
| Group 4 | 18/08/1988 | Club Olimpia | - | Oriente Petrolero | 1:2 | ||||
| 3. Round | 28/09/1988 | América de Cali | - | Oriente Petrolero | 2:0 |
Argentina