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July 08, 2003 --- Vol. 9, No. 68July 2003

ASRC aims to be independent producer on North Slope

Arctic Slope Regional Corp. and BP Exploration (Alaska) Inc. have entered into an agreement that will help ASRC become an independent oil and gas producer on Alaska’s North Slope. The mentoring arrangement between the Alaska Native regional corporation representing the business interests of the Inupiat Eskimos of the North Slope and a subsidiary of one of the largest oil and gas companies in the world is designed to enhance ASRC’s existing exploration, development and operating capabilities, the companies said in a written statement to Petroleum News.

There are no specific deals for exploration, development or operation in place, but the agreement “establishes a framework for sharing data and technical knowledge, as well as information on oil and gas investment opportunities on the North Slope.”

The companies said they will “work together to create new investment opportunities for ASRC.”

Specific opportunities for ASRC to participate in exploration and development activities will be “subject to individual negotiation,” ASRC and BP said.

“This agreement provides a critical next step in providing ASRC with access to the tools and knowledge we need to become a competitive, independent producer in Alaska,” ASRC President and CEO Jacob Adams said.

“It gives ASRC exposure to BP’s industry expertise and ‘best practice’ business experience, and it builds on capabilities that have been developed within our Land Department, energy services division and refining operations,” he said.

Steve Marshall, president of BP in Alaska, said the agreement should spur oil and gas exploration and development on the North Slope and generate business for Alaska-based suppliers and service companies, as well as enhance career opportunities for Alaskans.

Marshall also said that “companies like ASRC can play an important role in the evolution of the North Slope’s mature oil fields” by establishing themselves as exploration and development partners for prospects that “may not be competitive in a major’s portfolio.”

BP Exploration (Alaska) is the largest private investor in Alaska and operator of the North Slope’s Prudhoe Bay unit, North America’s largest oil field.

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