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RUSSIA: Joint venture development plans for long-stalled $12,000,000,000 offshore oil and gas...

PROJECT OVERVIEW:

EXXON NEFTEGAS LTD. (ENL), an affiliate of US-based EXXONMOBIL, currently acts as the operator of the Sakhalin-1 offshore oil and gas project. And, the company recently announced that the Russian government approved the technical and economic substantiation of construction (TEOC) for phase 1 of the project in the Russian Far East.

EXXON NEFTEGAS holds a 39% interest in the venture. The other participants in the project and their respective shareholdings include the local SAKHALINMORNEFTEGAS-SHELF (11.55%) and RN-ASTRA (8.5%), Japan-based S

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