Russians join in Exxon's Sakhalin search

An Exxon Corp. unit has reached agreement in principle with Russian oil companies to participate in two of its exploration blocks off Sakhalin Island in Russia's Far East. The accord involves Exxon Neftegas Ltd., Rosneft, and Rosneft-Sakhalinmorneftegas and covers Sakhalin III blocks Ayashskiy and East Odoptinskiy. Exxon Neftegas was awarded a 100% interest in the two blocks after the 1993 Sakhalin III tender. They are in water depths up to about 330 ft and together cover about 2.2 million acres surrounding the Sakhalin I and II areas. The pact is subject to local and federal government approvals and requires completion of a legal framework for Russia's production...

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