Beaufort sale has modest showing

Four oil companies submitted 31 bids for tracts in Beaufort Sea federal lease Sale 144 off Alaska last week. U.S. Minerals Management Service said high bids totaling $14,429,363 were submitted on 29 tracts covering about 99,983 acres. The total of all bids was $14,572,057. BP Exploration & Oil Inc. submitted the highest bid in the sale, $10,611,680 for Blocks 6819, 6820, 6870 in Area B and 6871 in Area G. The blocks are off Foggy Island Bay near the Tern Island exploration area.

Sept. 23, 1996

Four oil companies submitted 31 bids for tracts in Beaufort Sea federal lease Sale 144 off Alaska last week.

U.S. Minerals Management Service said high bids totaling $14,429,363 were submitted on 29 tracts covering about 99,983 acres. The total of all bids was $14,572,057.

BP Exploration & Oil Inc. submitted the highest bid in the sale, $10,611,680 for Blocks 6819, 6820, 6870 in Area B and 6871 in Area G.

The blocks are off Foggy Island Bay near the Tern Island exploration area.

MMS had offered 1,364 blocks totaling about 7.3 million acres 3-140 miles off Alaska's North Slope. A number of sales have been held in the area.

The area is believed highly prospective for oil and lies close to the North Slope producing and transportation infrastructure.

The area east of Barter Island was not offered at the request of the state, the North Slope Borough, and the Alaska Eskimo Whaling Commission.

MMS Director Cynthia Quarterman said, "Industry bid on key areas near existing oil development and showed its belief that oil potential remains high."