Printer Friendly

MARATHON, MCDERMOTT, MITSUI SIGN SAKHALIN ISLAND AGREEMENT

 MARATHON, MCDERMOTT, MITSUI SIGN SAKHALIN ISLAND AGREEMENT
 HOUSTON, March 30 /PRNewswire/ -- Marathon Oil Company (NYSE: MRO), McDermott International, Inc. (NYSE: MDR), and Mitsui & Co., Ltd. (M/M/M Consortium) have signed a definitive agreement with the Ministry of Fuel and Energy of the Government of the Russian Federation to proceed with a detailed feasibility study for the development of the Piltun-Astokhskoye and Lunskoye oil and gas fields lying on the continental shelf off Sakhalin Island in the Russian Far East, it was announced today.
 The feasibility study will be conducted in cooperation with P/O Sakhalinmorneftegas, the Russian enterprise currently producing oil and gas in the northern part of Sakhalin Island, as well as representatives of the Sakhalin Island administration. The definitive agreement calls for the parties to conduct a comprehensive study of the technical, commercial and financial aspects of developing the two offshore fields, and to submit their findings by the end of the year. Appropriate government bodies will review the study and make a final decision on committing to actual development.
 Vladimir M. Lopukhin, minister of fuel and energy, expressed his satisfaction with the agreement, indicating that he expected it to prove highly beneficial to the Russian Federation and all other parties concerned. Marathon President Victor G. Beghini endorsed the minister's views. He expressed confidence that Marathon, McDermott and Mitsui would "collaborate effectively in Sakhalin's oil and gas development, as well as improve the infrastructure and quality of life of the people of Sakhalin."
 Lopukhin stated that it is the government's firm hope and expectation that the feasibility study will confirm the desirability of developing the fields and that the government and the M/M/M Consortium will be able to negotiate mutually acceptable arrangements for such a development. He added that the government expects this project to ultimately serve as a model for international cooperation in the development of Russia's mineral resources, combining Russia's industrial and human capacities with foreign capital and technology on terms that are fair and reasonable for all sides.
 Beghini observed that Marathon and its partners "are committed to maximizing the participation of Russian industry and local resources in the project, as well as fostering development of the Sakhalin infrastructure and protecting the environment of the Sakhalin region. This exclusive agreement binds us to work with the Russian parties, and we're confident that the feasibility study is only the first stage in a long-term affiliation with the people of the Russian Federation and Sakhalin."
 -0- 3/30/92
 /CONTACT: William P. Ryder of USX Corporation, in Pittsburgh, 412-433-6880/
 (MRO MDR) CO: Marathon Oil Company; McDermott International, Inc.;
 Mitsui & Co., Ltd.; M/M/M Consortium ST: Texas, Pennsylvania IN: OIL SU: JVN


DM -- PG013 -- 3025 03/30/92 16:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1992
Words:457
Previous Article:CRAY-3 PROGRESS REPORT
Next Article:PATRICK PETROLEUM COMPANY REPORTS FINANCIAL RESULTS FOR 1991; HAD A GOOD EXPLORATION YEAR
Topics:


Related Articles
SHELL JOINS M M M CONSORTIUM IN SAKHALIN ISLAND PROJECT
EXXON, SODECO REACH MILESTONE IN SAKHALIN ISLAND NEGOTIATIONS
EXXON SUCCESSFUL IN SAKHALIN 3 TENDER ROUND
EXXON ANNOUNCES COMPLETION OF SAKHALIN I PRODUCTION SHARING AGREEMENT NEGOTIATIONS
EXXON CONCLUDES SAKHALIN III PSA NEGOTIATIONS
SAKHALIN II PROJECT - NOTICE OF COMMENCEMENT DATE ANNOUNCED
AGREEMENT REACHED TO BEGIN WORK ON $15 BILLION SAKHALIN I PROJECT IN RUSSIA
Sakhalin II Project: Sakhalin Energy Signs an Additional Project Finance Contract.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters