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SAKHALIN ISLAND COORDINATING COMMITTEE HOLDS FIRST MEETING; TWO APPRAISAL WELLS SCHEDULED FOR SUMMER 1992

 SAKHALIN ISLAND COORDINATING COMMITTEE HOLDS FIRST MEETING;
 TWO APPRAISAL WELLS SCHEDULED FOR SUMMER 1992
 HOUSTON, June 1 /PRNewswire/ -- The coordinating committee for the feasibility study on the development of the Piltun-Astokhskoye and Lunskoye oil and gas fields lying on the continental shelf off Sakhalin Island has completed its initial meeting in Houston, it was announced today.
 The feasibility study is being conducted as part of a March 30 agreement between the Russian Federation, P/O Sakhalinmorneftegas and a consortium composed of Mitsui & Co., Ltd., McDermott International, Inc. (NYSE: MDR), and Marathon Oil Company.
 The committee, comprising seven representatives each from the Russian interests and the consortium, reviewed the status of work to date and the program of activities planned for the coming months. At the time of the meeting some 40 technical and professional employees, representing various Russian/Sakhalin entities, were working on the study in Houston with Marathon-McDermott-Mitsui representatives. The coordinating committee agreed to expedite the drilling of an appraisal well on each of the two fields, Piltun-Astokhskoye and Lunskoye, during the 1992 summer drilling season.
 The feasibility study is being undertaken jointly by specialists from Russia and the consortium, with the participation of the Sakhalin administration. Both sides expressed satisfaction with the results, quality and pace of work thus far. The coordinating committee discussed suggestions by the managers of the study and adopted measures designed to complete the study by the end of the year as provided in the agreement.
 The coordinating committee gave particular attention to the involvement of Russian industry in the project and the use of the project to foster general economic and infrastructure development in the Sakhalin region. The MMM Group has already established two offices on Sakhalin, at Yuzhno-Sakhalinsk and Okha, to move the project forward.
 -0- 6/1/92
 /CONTACT: Michael R. Dixon of USX Corporation, 713-296-3912/
 (MDR MRO) CO: Mitsui & Co., Ltd.; McDermott International, Inc.; Marathon
 Oil Company ST: Pennsylvania IN: OIL SU: JVN


DM -- PG005 -- 5558 06/01/92 09:50 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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