BP Amoco ANS term price down 15 percent
BP Amoco's May term price for Alaska North Slope crude is $23.96 a barrel, down $4.10 a barrel (14.61 percent) from April's term price of $28.06 a barrel.
The April price was the highest BP Amoco's term price has been since it stood at $28.74 a barrel in December 1990. The term price started the year at $24.56 a barrel and the year-to-date average is $26 a barrel, compared to a comparable 1999 year-to-date average of $11.86 a barrel.
Marathon plans exploration gas well north of Ninilchik
Marathon Oil Co. plans to drill an exploration gas well nine miles north of Ninilchik in October. The Grassim Oskolkoff No. 1 will be directionally drilled to a target in the Tyonek sand at 8,500 feet.
The company said in state applications that civil construction will begin in early September, drilling in early October, with the schedule dependent on completion of previously scheduled Kenai gas field and Cannery Loop unit drilling.
The project is expected to require about 90 days of drilling and testing and should be completed by the end of the year.
Statewide production for April drops slightly
Statewide crude oil production averaged 1.071 million barrels a day in April, down 0.22 percent (2,358 barrels a day) from the March average of 1.073 million barrels a day. April Alaska North Slope liquids production (crude oil and natural gas liquids) averaged 1,039,833 barrels a day, down an average of 4,473 barrels a day (0.43 percent) from March. Cook Inlet production rose an average of 2,115 barrels a day (7.16 percent) from March to an April average of 31,662 barrels a day.
The Department of Revenue Tax Division reports that Endicott experienced a small crude leak and had to cut throughput March 31-April 2. That field had the largest percent drop in production, averaging 39,401 barrels a day in April, down 6.41 percent (2,700 barrels a day) from March. Prudhoe Bay had the largest per barrel drop in production, averaging 596,786 barrels a day in April, down 4,794 barrels a day (0.8 percent) from March.
The Lisburne production center, which processes Lisburne, Point McIntyre and Niakuk, averaged 104,557 barrels a day, down 3,460 (3.2 percent) from March. The Tax Division said that there were electrical problems after the installation of a new generation, forcing production down at Lisburne on April 14-15; there were additional electrical problems April 29.
The Kuparuk River field (production from Kuparuk, Tarn, Tabasco) had the largest increase in production, averaging 244,705 barrels a day in April, up 5,700 barrels a day from March (2.38 percent).
Production at Milne Point was also up, averaging 54,384 barrels a day in April, up 781 barrels (1.46 percent) from March. Production of Prudhoe Bay natural gas liquids averaged 55,107 barrels a day in April, down 3,969 barrels (6.72 percent) from April.