The State : State Approves Lease to Exxon

State officials gave their approval to a 34-year offshore lease for Exxon that eventually would allow the company to load oil onto tankers off El Capitan State Beach in Santa Barbara County. The lease, which expires in January, 2022, authorizes the construction of a one-tanker mooring within three miles of the shore and an onshore marine terminal to process oil. Approval by the state Coastal Commission is still required. Exxon will use the facility to process oil from the company’s leases in nearby federal waters. The mooring and marine terminal are expected to go into full operation by 1992. Cost of the lease is approximately $2.77 million.