Title : The Market And Energy Page, Part 2, T+199 -- August 8, 2017
link : The Market And Energy Page, Part 2, T+199 -- August 8, 2017
The Market And Energy Page, Part 2, T+199 -- August 8, 2017
The other day I posted a list ranking the states based on "fiscal health." North Dakota was second from the top. I mentioned that Alaska had fallen to #17 in the most recent polling (2017) after being #1 in 2014.Today I see COP is considering taking advantage of Alaska's offer to let the E&P company expand its footprint along the North Slope:
ConocoPhillips (COP +1.2%) is evaluating a proposal from Alaska's Department of Natural Resources that would allow it to expand an existing North Slope oil field into an area near big discoveries if it agrees to development steps that include drilling a well by next June and possibly paying the state ~$7M.Wow, business writers may need to offer their services to Hollywood studios for screenwriting. Earlier we saw the word "terrifying" in relation to natural gas production; and, now, "desperately" with regard to Alaska's budget.
The offer to COP to add acreage its to its Colville River unit follows months of discussions between the company and the state over drilling rights on the Tofkat area
The prospect might attract significant interest if Alaska offered it to bidding companies in a lease sale, but doing so also could restart the clock on development, leading to delays in a state that desperately wants more oil production to help close a $2.5B deficit.
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