Is this supported in oracle 7.3.4?

I have to delete and inset more than a million records in a table. I tried to set nologging for the table and I get this error:
"Alter table ghl nologging;"

ERROR at line 1:
ORA-01735: invalid ALTER TABLE option

If it is not supported, what is the best way to avoid creation of transaction log.

It's the production database, running in archivelog mode and there is not enough room to handle huge transactions.

Thanks much in advance!

VP