BLM reports lease bids for 1.7 million acres in Alaska's NPR-A
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The U.S. Bureau of Land Management has accepted all high bids submitted in the September 2008 National Petroleum Reserve-Alaska (NPR-A) oil and gas lease sale. Anadarko Petroleum Corp., ConocoPhillips Alaska Inc., Petro-Canada (Alaska) Inc., FEX LP and Petro-Hunt LLC submitted high bids of $30.9 million for 150 tracts covering approximately 1.7 million acres within the northwest and northeast portions of the NPR-A. Dallas-based Petro-Hunt was the winning bidder on half the tracts leased at the sale, with most of the newly acquired acreage east of the Ikpikpuk River. Leases for the BLM-Alaska acreage are good for 10 years. A 2002 USGS report estimates that there may be approximately 10 billion bbl. of oil and 60 trillion cu. ft. of gas in the NPR-A.
The U.S. Bureau of Land Management has accepted all high bids submitted in the September 2008 National Petroleum Reserve-Alaska (NPR-A) oil and gas lease sale. Anadarko Petroleum Corp., ConocoPhillips Alaska Inc., Petro-Canada (Alaska) Inc., FEX LP and Petro-Hunt LLC submitted high bids of $30.9 million for 150 tracts covering approximately 1.7 million acres within the northwest and northeast portions of the NPR-A. Dallas-based Petro-Hunt was the winning bidder on half the tracts leased at the sale, with most of the newly acquired acreage east of the Ikpikpuk River. Leases for the BLM-Alaska acreage are good for 10 years. A 2002 USGS report estimates that there may be approximately 10 billion bbl. of oil and 60 trillion cu. ft. of gas in the NPR-A.