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EXXON, SODECO REACH MILESTONE IN SAKHALIN ISLAND NEGOTIATIONS

 IRVING, Texas, Dec. 3 /PRNewswire/ -- Exxon (NYSE: XON) and SODECO have reached a milestone in negotiations with Russia for acreage offshore Sakhalin Island.
 A new agreement between SODECO and Russia clears the way for Exxon and SODECO to conduct feasibility evaluations and negotiate a production sharing agreement for an area offshore Sakhalin. The area includes the Chayvo and Odoptu fields previously discovered by SODECO, as well as the high potential Arkuta-Dagi field where a discovery has been made but further exploration and appraisal drilling is required.
 K.T. Koonce, president of Exxon Ventures (CIS) Inc., stated: "Exxon is pleased to have the opportunity to enter into this long-term venture and looks forward to finalizing a production sharing agreement for the area. This project has the potential to offer significant employment and other economic benefits to Sakhalin Island. We expect to be able to utilize the extensive capabilities of the Russian oil industry as well as the worldwide experience of Exxon in major offshore developments."
 Exxon and SODECO expect to conclude the production sharing agreement with the Russian government and the government of Sakhalin Island during the first half of next year.
 -0- 12/3/93
 /CONTACT: Ed Burwell or Doug Walt of Exxon, 214-444-1108 or -1109/
 (XON)


CO: Exxon; Exxon Ventures (CIS) Inc.; SODECO ST: Texas IN: OIL SU:

JG -- NY037 -- 0245 12/03/93 13:09 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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