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NEWS BULLETIN

October 06, 2005 --- Vol. 11, No. 78October 2005

Governor delivers Alaska gasline contract to producers

In a press conference this afternoon, Oct. 6, Alaska Gov. Frank Murkowski said he has delivered a contract for an Alaska Gasline Project to the North Slope oil producers and natural gas owners, ExxonMobil, BP and ConocoPhillips.

“In September, I delivered a contract term sheet to the producers. Since then, we have engaged in active negotiations on that term sheet and have made much progress toward agreement. I am encouraged by that progress. Today, I delivered a comprehensive contract – the state’s position – to the producers. It is a contract that is good for the producers, good for the nation and most importantly, good for Alaskans.”

The governor noted that while he could not share details of the contract, due to the confidentiality provisions in the Alaska Stranded Gas Act, it meets his six principles:

* Alaskans deserve a fair share of revenues from a pipeline.html'>gas pipeline project

* Alaskans need the opportunity to access the gas

* Future explorers must have access to the gasline

* The gasline must be expandable

* The state should share in the wealth by owning a share of the pipeline

* Alaskans deserve Alaska gasline jobs

“We are approaching an historic moment – moving from 30 years of trying, to the reality of a gasline. We are closer now than ever before,” Murkowski said.

“I want to thank the state’s gasline team, which is comprised of experts from the Departments of Natural Resources, Law and Revenue under the able leadership of Jim Clark with the counsel of Pedro Van Meurs, one of the world’s leading technical experts,” added the governor.

He “urged the producers to respond quickly and affirmatively.”

Editor’s note: The Oct. 9 edition of Petroleum News was sent to press an hour before the governor’s announcement, so additional information about this contract will be in the Oct. 16 edition of the newspaper. Significant events related to it – such as the producers’ response – will be covered in subsequent news bulletins.

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