NEWS BULLETIN

March 06, 2001 --- Vol. 7, No. 26March 2001

BP's ANS term price up by 23 cents for March

BP's Alaska North Slope crude oil term price is $24.75 a barrel for March, up 23 cents a barrel from the February term price of $24.52 a barrel. The year-to-date average term price is $24.35, down 6.3 percent from the average term price of $25.99 a barrel for the first three months of 2000.

BP's term price for 2000 peaked at $32.71 a barrel in December, dropped to $23.79 a barrel in January and climbed 3.07 percent for February and 0.94 percent for March.

BP is the only North Slope producer to post a term price.

Lisburne leads second month of ANS production drop

Alaska North Slope crude oil production dropped in February for the second month after a 2.2 percent increase in December, led by a 7.56 percent decline at the Lisburne production center.

February ANS production averaged 1,014,679 barrels a day, compared to 1,021,072 barrels a day for January. The February decline, 0.63 percent (an average of 6,393 barrels a day), was a smaller decline than in January, when ANS production dropped 1.61 percent (an average of 16,694 barrels a day).

The Alaska Department of Revenue said Prudhoe Bay reduced output Feb. 8 because of compressor problems and production is expected to be down 25,000 barrels a day for six weeks. BP Exploration (Alaska) Inc. spokesman Ronnie Chappell told PNA March 5 that a high-stage compressor had gone down and BP estimated that production would be down by 25,000 barrels a day. But they were able to shut down a low-stage compressor and use parts from it to rebuild the high-stage compressor. With the high-stage compressor back on line, the drop in production was only 10,000 barrels a day. Chappell said BP expects to have the low-stage compressor back in service after new parts arrive in early April.

Prudhoe Bay production averaged 546,712 barrels a day in February, down 1.11 percent (an average of 6,128 barrels a day) from a January average of 552,840 barrels a day.

The largest actual and proportional drop was at Lisburne where February production averaged 81,212 barrels a day, down 6,645 barrels a day (7.56 percent) from January production of 87,857 barrels a day.

Kuparuk production averaged 222,797 barrels a day in February, down 0.84 percent (1,891 barrels a day) from January production of 224,688 barrels a day.

Alpine, which is ramping up after going on-line in November, had the largest increase, with February production averaging 73,269 barrels a day, up 9 percent (6,058 barrels a day) from January production of 67,211 barrels a day.

Production at Milne Point averaged 53,068 barrels a day in February, up 4.3 percent (2,183 barrels a day) from a January average of 50,885 barrels a day. Production at Endicott averaged 37,621 barrels a day, up 30 barrels (0.08 percent) from January production of 37,591 barrels a day.

Prudhoe Bay natural gas liquids averaged 48,596 barrels a day in February, down 4,019 barrels a day (7.64 percent) from January production of 52,615 barrels a day.

In Cook Inlet, February production averaged 27,216 barrels a day, down 520 barrels a day (1.87 percent) from January production of 27,736 barrels a day.


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