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MAJOR NEW ALASKA OIL FIELD TO START PRODUCING

 HOUSTON, Oct. 14 /PRNewswire/ -- Exxon Company, U.S.A. (NYSE: XON) announced today that production will now begin from the Pt. McIntyre oil field in Alaska. The Pt. McIntyre field is one of the largest U.S. discoveries in recent years.
 Estimated to contain approximately 340 million barrels of recoverable oil, the Pt. McIntyre field is owned by Exxon, Arco, and BP. Exxon is the largest owner of the field with approximately a 38 percent working interest. Arco is the operator.
 Initial production from the field is expected to be about 80,000 barrels a day, increasing to as much as 100,000 barrels a day next year. An agreement between the owners and State of Alaska provides for inclusion of the Pt. McIntyre leases in the Prudhoe Bay Unit. Exxon and the state have not been able to agree on whether Exxon is entitled to deduct costs to treat the state's royalty oil. The courts will decide what are Exxon's and the state's rights under the 1977 Prudhoe Bay Unit Agreement and 1980 Royalty Settlement Agreement. The state is a party to both agreements.
 Since its discovery in 1988, Pt. McIntyre working interest owners have spent about $300 million to explore and develop the Pt. McIntyre oil field. Full development will cost in excess of $700 million.
 -0- 10/14/93
 /CONTACT: Les Rogers of Exxon Company, U.S.A., 713-656-4376/
 (XON)


CO: Exxon Company, U.S.A. ST: Texas IN: OIL SU:

TM -- NY087 -- 2442 10/14/93 16:50 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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