Lease sale brings in nearly $31 million

Posted: Thursday, September 25, 2008

ANCHORAGE - Five companies submitted winning bids of nearly $31 million to develop oil and gas tracts in the National Petroleum Reserve-Alaska.

The bids were awarded during a Bureau of Land Management lease sale Wednesday in Anchorage.

The bids cover 150 tracks on more than 1.6 million acres in the 23-million acre reserve.

Submitting the winning bids were Anadarko Petroleum Corp; ConocoPhillips Alaska, Inc.; Petro-Canada Alaska, Inc.; FEX L.P., and Petro-Hunt, LLC.

The Bureau of Land Management says the state gets 50 percent of the bid receipts.

The U.S. Geological Survey in 2002 estimated that the NPR-A holds as much as 9.3 billion barrels of technically recoverable oil and 59.7 trillion cubic feet of technically recoverable natural gas.

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