BP joins Anadarko and AEC to explore North Slope

BP Exploration (Alaska) Inc. will join Anadarko Petroleum Corp. and Alberta Energy Co. Ltd. in a joint venture to explore for natural gas on a tract covering more than 3 million acres on Alaska's North Slope.

Feb. 19, 2001

2 min read

By the OGJ Online Staff

HOUSTON, Feb. 19�BP Exploration (Alaska) Inc. will join Anadarko Petroleum Corp. and Alberta Energy Co. Ltd. in a joint venture to explore for natural gas on a tract covering more than 3 million acres on Alaska's North Slope.

BP acquired a one-third interest in Anadarko's 3.1 million-acre agreement with Arctic Slope Regional Corp. The area is in the foothills area of the Brooks Range region, and stretches east-west for 250 miles from Colville River to Canning River.

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.

In exchange, Anadarko received from BP an interest in a satellite prospect near Prudhoe Bay and an interest in selected seismic surveys conducted by BP on the North Slope.

BP will also 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 price was not disclosed.

"Anadarko is actively searching for natural gas on the North Slope, and we see a lot of potential there to help meet the increased demand for natural gas in the Lower 48," said John N. Seitz, Anadarko president and chief operating officer. "BP is already a major producer on the slope, and we're proud to be partnering on these efforts with both BP and AEC."