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NEWS BULLETIN

July 28, 2015 --- Vol. 21, No. 31July 2015

ConocoPhillips selling Cook Inlet properties

ConocoPhillips Alaska Inc. is putting its Cook Inlet properties up for sale.

The largest oil company in the state said it would open a data room later this year to market its North Cook Inlet unit and its stake in the Beluga River unit.

"While historically significant to the company's investment in Alaska, the North Cook Inlet and Beluga River units are mature fields that are no longer considered core to Alaska operations. The focus will be on the company's current North Slope operations, including the Alaska LNG project," the company said in a statement this morning.

The company intends to keep its liquefied natural gas terminal in Kenai.

- ERIC LIDJI

Chugach contract with Hilcorp extended

Chugach Electric Association has extended its gas sale and purchase agreement with Hilcorp Alaska by four years.

Chugach has applied to the Regulatory Commission of Alaska to amend its tariff filing, with key provisions of the amendment including: extending the term of the agreement from March 31, 2019, to March 31, 2023; reducing the contract price of natural gas from $8.03 to $7.35 per thousand cubic feet starting in contract year five (April 1, 2018, to March 31, 2019) followed by 2 percent annual increases in contract years six through nine; increasing the annual contract quantity in contract year five from 3.3 billion cubic feet to 6.9 bcf, and providing 5.5 bcf in contract years six through nine; allowing Chugach to purchase additional minor volumes as needed in contract years five through nine.

The amendment is effective Aug. 1.

The complete filing is available on RCA's website under TA408-8. The commission is accepting comments through 5 p.m. Aug. 21.

- KRISTEN NELSON

See stories in the Aug. 2 issue, available online Friday, July 31 at www.PetroleumNews.com

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