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SHELL JOINS M M M CONSORTIUM IN SAKHALIN ISLAND PROJECT

SHELL JOINS M M M CONSORTIUM IN SAKHALIN ISLAND PROJECT
 HOUSTON, Sept. 30 /PRNewswire/ -- The M/M/M Consortium of Marathon Oil Company (NYSE: MRO), McDermott International, Inc. and Mitsui & Co., Ltd. has entered into an agreement with Shell Development Sakhalin B.V., which joins M/M/M in a feasibility study now underway for development of the Piltun-Astokhskoye and Lunskoye oil and gas fields offshore Sakhalin Island.
 The consortium signed a membership agreement under which Shell Development Sakhalin B.V., a member of the Royal Dutch/Shell group of companies, will obtain a 20 percent participating interest in the feasibility study. Mitsui and Marathon will each have 30 percent interests and McDermott, 20 percent.
 The M/M/M Consortium was awarded the feasibility study late last March by the Government of the Russian Federation. Since the award, the Marathon-McDermott-Mitsui group, along with P/O Sakhalinmorneftegas and representatives of the Sakhalin Island Administration, have been engaged in a comprehensive study of the technical, commercial and financial aspects of developing the two offshore fields.
 The consortium recently drilled an appraisal well on each of the two fields, and findings from the comprehensive study are to be submitted by the end of this year. Appropriate government bodies will then review the results and make a final decision on committing to actual development.
 "Members of our consortium are extremely pleased to have a company with Shell's credentials join our team," said Victor G. Beghini, president of Marathon, which remains operator of the feasibility study.
 Beghini expressed confidence that the four participating companies would collaborate very effectively on the feasibility study and be awarded development rights.
 -0- 09/30/92
 CONTACT: Michael R. Dixon, 713-296-3912, or William P. Ryder, 713-296-3915, both of USX Corporation
 (MRO CO: MARATHON OIL COMPANY; MCDERMOTT INTERNATIONAL, INC.;
 AND MITSUI & CO., LTD.; SHELL DEVELOPMENT SAKHALIN
 B.V.


IN: OIL SU: JVN -- PG004 -- X385 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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