Frightened by global financial uncertainties and low oil prices, a partner in a joint venture planning to explore north of Prudhoe Bay this winter is pulling back from the project.
TG World Energy Corp. is postponing its participation in “drilling and development programs” planned for this winter, but intends to continue funding its share of a seismic acquisition program in the “South Thomson area” and efforts to process seismic data collected last year around Tofkat, the company said in a press release this morning.
The Calgary-based independent holds a 35 percent interest in drilling efforts undertaken by the four-company joint venture and a 25 percent interest in the two seismic projects.
Brooks Range Petroleum Corp. is the operator of the joint venture, which has been among the most active on the North Slope in recent winters. Bow Valley Alaska Corp. and Nabors subsidiary Ramshorn Investments Inc. currently remain in the joint venture.
The joint venture hopes to drill three wells in Gwydyr Bay this winter.
See full story in the Dec. 7 issue, available to subscribers online at noon Friday, Dec. 5 at www.PetroleumNews.com
