NEWS BULLETIN

March 04, 1998 --- Vol. 4, No. 13March 1998

BP ANS term price drops again

BP America’s term price for Alaska North Slope crude oil has dropped for the fourth consecutive month. The March term price, $13.35 a barrel, is down $1.42 a barrel from the February term price, and is the lowest BP term price since April 1994.

The term price has dropped an average of 11 percent a month for the last three months. The January price was down 10.64 percent from $14.77 a barrel in February; the February price was down 11.1 percent from $16.41 a barrel in January; the January price was down 11.64 percent from $18.32 a barrel in December. The December price was down 6.88 percent from November’s price of $19.58 a barrel.

The current term price is down 36.65 percent from the March 1997 term price of $21.07 a barrel. The year-to-date average for 1998 is $14.84 a barrel, down 34.71 percent from the comparable 1997 year-to-date average of $22.73 a barrel.

BP is the largest producer of ANS crude and the only producer to post term prices.

February crude production down

Month-end figures from the Alaska Department of Revenue’s oil and gas audit division show February Alaska crude oil production down 4.2 percent from January, led by a 13.79 percent (88,543 barrel a day) decline at Prudhoe Bay.

Prudhoe Bay production averaged 642,157 barrels a day in February, down 13.79 percent from an average of 730,700 barrels a day in January, and down 17.30 percent from an average 753,227 barrels a day in February 1997.

Lisburne, Kuparuk

The Lisburne production center upped its average production to 188,971 barrels a day in February, an increase of 21 percent from an average of 149,280 barrels a day in January. Production at Lisburne was down 9.64 percent from an average of 207,189 barrels a day in February 1997.

Kuparuk River production held steady, averaging 267,308 barrels a day in February, down only 0.44 percent from 268,491 barrels a day in January, and down 1.13 percent from an average of 270,322 barrels a day in February 1997.

Milne, Endicott

Milne Point production averaged 54,596 barrels a day for February, down 1.34 percent from an average 55,330 barrels a day in January, and up 1.37 percent from an average of 53,846 barrels a day in February 1997.

At Endicott, production averaged 57,704 barrels a day in February, down 0.86 percent from a January average of 58,200 barrels a day and down 21.31 percent from a February 1997 average of 70,002 barrels a day.

NGLs, Cook Inlet

Average Prudhoe Bay natural gas liquids production was 59,839 barrels a day in February, down 3.84 percent from an average of 62,136 barrels a day in January and down 16.64 percent from an average of 69,793 barrels a day in February 1997.

Cook Inlet production averaged 31,855 barrels a day in February, down 2.74 percent from an average of 32,728 barrels a day in January and down 12.56 percent from an average of 35,855 barrels a day in February 1997.

Alaska crude production averaged 1,242,591 barrels a day in February, down 4.2 percent from an average 1,294,729 barrels a day in January and down 11.9 percent from an average 1,390,441 barrels a day in February 1997.


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