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NEWS BULLETIN

February 03, 1999 --- Vol. 5, No. 5February 1999

BP February term price up 15 percent

BP America's February West Coast term price for Alaska North Slope crude oil is $10.79 a barrel, up $1.42 a barrel (15.15 percent) from January's term price of $9.37 a barrel. January's term price was the lowest since July 1986, when BP's West Coast term price was $9 a barrel.

The current term price is 27 percent lower than the February 1998 term price of $14.77 a barrel and the year-to-date average price, $10.08 a barrel, is 35 percent below the comparable average a year ago of $15.59 a barrel.

BP produces the largest volume of North Slope crude oil and is the only producer to post term prices.

ANS crude production holds steady

January Alaska North Slope crude oil production was little changed from December, with gains in production at Kuparuk, Milne Point and Endicott offsetting losses from Prudhoe Bay and the Lisburne production center.

ANS crude production averaged 1,139,654 barrels a day in January, up 0.18 percent from an average of 1,137,586 barrels a day in December. Natural gas liquids averaged 59,133 barrels a day in January, down 0.73 percent from an average of 59,566 barrels a day in December. Total ANS liquids production - crude oil and NGLs - averaged 1,198,787 barrels a day for January, up 0.18 percent from an average of 1,197,152 barrels a day in December.

Prudhoe Bay, Lisburne down

Prudhoe Bay crude oil production averaged 602,945 barrels a day in January, down 0.74 percent from an average of 607,414 barrels a day in December. The Lisburne production center, which processes oil from the Point McIntyre, Niakuk and Lisburne fields, averaged 158,474 barrels a day in January, down 1.87 percent from an average of 161,496 barrels a day in December.

Endicott, Milne Point, Kuparuk up

Production averaged 52,995 barrels a day from Endicott in January, an increase of 4.3 percent from an average of 50,807 barrels a day in December.

Milne Point production rose 4.12 percent in January to an average of 54,516 barrels a day from an average of 52,357 barrels a day in December.

Kuparuk River production, including Tarn and Tabasco, averaged 270,724 barrels a day in December, up 1.96 percent from an average of 265,512 barrels a day in December.

Temperature, Cook Inlet

The temperature at pump station no. 1 averaged -18.1 degrees F in January, compared to an average of +0.5 degrees F in December. Compressors on the North Slope work more efficiently in colder weather.

Production from Cook Inlet averaged 32,338 barrels a day in January, down 0.89 percent from December's average of 32,630 barrels a day.

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