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Exxon Mobil agreed to pay out 75 percent of a $507.5 million (276 million pounds) damages ruling to settle the 1989 Exxon Valdez oil spill off Alaska, the Anchorage Daily News reported on Tuesday. Citing both Exxon and the plaintiff's lawyer, the Anchorage Daily News said the oil giant will release about $383 million for distribution to the nearly 33,000 commercial fishermen and others who sued Exxon after the worst tanker crash in U.S. history.

Against a background of escalating tension between the US and Russia over events in Ukraine, oil companies from each country have been working to overcome the numerous challenges of extracting oil from the Arctic Ocean. Having completed one of the largest Arctic expeditions in history to understand the challenges, the partnership has now started to drill.