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NEWS BULLETIN

September 08, 1998 --- Vol. 4, No. 44September 1998

BP ANS term crude price down 4 percent

The September BP America term price for Alaska North Slope crude is $12.51 a barrel, down 47 cents from the August price of $12.98 a barrel, a drop of 3.76 percent.

The August price rose $1.26 a barrel, following two months of dropping prices. Seven of the monthly postings this year have been lower than the preceding month’s term price. In addition to the increase from July to August, there was a 23 cent a barrel increase in May.

The year-to-date average term price, $13.19 a barrel, is 33.6 percent below the comparable 1997 term price average of $19.87 a barrel, a five-year high in average year-to-date price.

This month’s term price is down 44 percent from the September 1997 price of $18 a barrel.

The 1998 high for term price occurred in January, at $16.41 a barrel. The 1998 low for term price was $11.72 a barrel in July.

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

Statewide production down 2.35 percent

Statewide crude oil production dropped 2.35 percent for August, driven by a 10,665 barrel a month decrease at Prudhoe Bay.

The Lisburne production center was down 3.14 percent, the largest percentage drop in crude oil production. Prudhoe Bay natural gas liquids had the largest percentage drop, down 17.61 percent.

August statewide production averaged 1,183,738 barrels a day, down 27,877 barrels a day (2.35 percent) from a July average of 1,211,615 barrels a day.

ANS down 1.75 percent

ANS crude production (excluding NGLs) averaged 1,106,523 barrels a day in August, down an average 19,406 barrels a day (1.75 percent) from a July average of 1,125,929 barrels a day.

Prudhoe Bay, averaging 579,656 barrels a day in August, was down 1.84 percent from an average of 590,321 barrels a day in July.

Kuparuk has smallest decline

Kuparuk River production averaged 260,303 barrels a day in August, down only 960 barrels a day from an average of 261,263 barrels a day in July (a drop of 0.37 percent).

Milne Point averaged 57,534 barrels a day in August, down 1,381 barrels a day (2.4 percent) from July production of 58,915 barrels a day.

Lisburne has largest percentage decline

August production through the Lisburne production center averaged 162,356 barrels a day in August, down 5,092 barrels a day (3.14 percent) from a July average of 167,448 barrels a day.

Production from Endicott averaged 46,674 barrels a day in August, down 1,308 barrels a day (2.8 percent) from an average of 47,982 barrels a day in July.

Cook Inlet, NGLs both down

Cook Inlet production averaged 32,270 barrels a day in August, down 555 barrels a day (1.72 percent) from July production averaging 32,825 barrels a day.

Prudhoe Bay NGLs production averaged 44,945 barrels a day in August, down 7,916 barrels a day (17.61 percent) from July production averaging 52,861 barrels a day.

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