Anadarko Petroleum Corp. announced that BP Exploration (Alaska) Inc. will join Anadarko and Alberta Energy Company Ltd. (AEC) in a natural gas exploration venture on more than 3 million acres in the foothills region on Alaska's North Slope.
BP acquired a one-third interest in Anadarko's exclusive agreement with Arctic Slope Regional Corporation covering approximately 3.1 million acres.
In exchange, Anadarko received from BP a material interest in a satellite prospect near Prudhoe Bay and an interest in selected seismic surveys conducted by BP on the North Slope.
As part of the trade, BP will purchase a one- third interest in approximately 230,000 acres of state leases jointly acquired by Anadarko and AEC at the North Slope area wide lease sale in November 2000. AEC will retain its one-third interest. The purchase amount was not disclosed.
The joint exploration effort is already under way and includes several seismic surveys this year. Anadarko is the operator and each company holds a one-third interest in the joint program.
The exploration territory is located in the foothills area of the Brooks Range region of Alaska's North Slope, south of the existing producing fields, and stretches east-west for approximately 250 miles from the Colville River to the Canning River.
Anadarko entered into the agreement to explore this region with the Arctic Slope Regional Corporation in 1998. AEC joined Anadarko in the venture in 2000 and became a one-third partner.
© 2001 Mena Report (www.menareport.com)
