Alaska seeks BP Amoco-ARCO accord

09/06/1999
In an effort to ensure competition in Alaska's North Slope area, BP Amoco plc will have to part with certain assets before merging with ARCO, according to Alaska Gov. Tony Knowles. In fact, the state would prefer to have a say in which North Slope acreage would be sold and to whom, says the governor.State law restricts oil companies' leased exploration holdings to 500,000 acres. If BP Amoco's $26 billion acquisition of ARCO is approved, the merged energy giant would own 860,000 acres accounting for 70% of North Slope production (see related story, p. 33).The purchase would also give the combine a 72% stake in the Trans-Alaska Pipeline and ownership of 80% of the capacity of th...
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