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. Last Updated: 07/27/2016

Sakhalin Offshore Deal

MOSCOW () -- An international consortium led by Exxon Corp. announced plans Monday to begin work on the $15 billion Sakhalin-1 offshore oil and gas deal.

The production-sharing agreement for the deal was signed a year ago, but inadequacies in Russia's legislation have held up the project.

Exxon said the agreement has been declared effective and that it has received assurances from local and federal authorities that its provisions are valid and enforceable. Appraisal work will begin this summer, it added.