Alaska’s Deal With Oil Execs Ushers in Pipeline
Three oil giants reached a settlement with Alaska Gov. Sean Parnell on Friday on the future development of North Slope energy resources.
Exxon Mobil, BP and ConocoPhillips have agreed to work on the Alaska Pipeline Project(APP) with TransCanada Corp.
The Alaska Supreme Court indicated a day earlier that a settlement might be in the works by dismissing its review of disputed leases on the Point Thompson gas fields.
Point Thompson is North America’s largest known oil and gas field. The North Slope property is thought to have 8 trillion cubic feet of natural gas and hundreds of millions of barrels of petroleum liquids, one-fourth of the known gas resources in the area.
Alaska had been trying to win back control of Point Thompson land for the last decade, pulling leases that it said had been held too long without being developed. ExxonMobil, the largest leaseholder in Point Thompson, with more than half of the shares, recently released its Point Thompson Environmental Impact Statement and plans to go active by 2016.