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NEWS BULLETIN

June 03, 1998 --- Vol. 4, No. 29June 1998

Anadarko submits plans for second exploratory well on west side of Cook Inlet

Anadarko Petroleum Corp. has begun the permitting process for a second exploratory well on the west side of Cook Inlet.

The 1 North Three Mile Creek well is approximately 8 miles north-northwest of Tyonek at the Nephaline exploratory prospect. The well would be drilled from a surface location at 35-13n-11w, Seward meridian, on a state lease owned 50 percent by Anadarko and 50 percent by ARCO Alaska Inc.

Site access will be from a gravel road built to drill the Superior 1 Three Mile Creek well and the Phillips 1 North Tyonek State wells. Approximately 550 feet of new gravel will be installed in the uplands area to access the new 300-foot by 400-foot drilling pad. No wetlands will be filled.

The 1 North Tyonek State was a vertical hole drilled to 6,063 feet in 1973 north of the proposed 1 North Three Mile Creek in 25-13n-11w, SM. The 1 Three Mile Creek was a vertical hole drilled to 13,773 feet in 1967 to the southwest of the proposed well in 3-12n-11w, SM.

A solid waste disposal facility and groundwater monitoring wells are part of the 1 North Three Mile Creek plan. Monitoring would continue for five years after closure of the disposal facility.

Anadarko began permitting earlier in the year for the 1 Lone Creek exploratory well at the Moquawkie prospect some 7 miles north of Tyonek. That well is on Tyonek surface land and Cook Inlet Region Inc. subsurface. Anadarko spokeswoman Kate Corrigan told PNA June 2 that the company is working on the location for the 1 Lone Creek and getting ready to move the rig, which is still at West McArthur River. The 1 North Three Mile Creek permitting, she said, was to preserve options.

BPís ANS term price down 1.3 percent for June

BP Americaís June term price for Alaska North Slope crude is $12.30 a barrel, down 16 cents (1.3 percent) from the May price of $12.46 a barrel.

Low and high per barrel term prices so far in 1998 have been $12.23 a barrel in April and $16.41 a barrel in January.

The term price year-to-date average is $13.59 a barrel, down 35.35 percent from the comparable average of $21.02 a barrel for 1997.

For fiscal year 1998, which ends in June, BPís term price has averaged $15.85 a barrel, down 24 percent from the fiscal year 1997 average of $20.87 a barrel.

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

Milne Point production up 10 percent from last year; Kuparuk decline at less than 1 percent

Alaska crude production continues to decline, but May production from the Milne Point field was up 9.98 percent from May 1997. Production from the Kuparuk River field, which declined 4.6 percent between May 1996 and May 1997, was down less than 1 percent between May 1997 and May 1998.

The Alaska Department of Revenueís division of oil and gas audit reports crude oil and natural gas liquids production averaged 1,234,026 barrels a day in May, down 2.15 percent from April and down 11.93 percent from May 1997.

Endicott saw the largest percentage decline, down 24 percent over the year, followed by Prudhoe Bay down 16.25 percent and Lisburne down 15.4 percent. Cook Inlet production was down 2.6 percent from May 1997. The smallest decline, less than 1 percent, was at the Kuparuk River field. Natural gas liquids production dropped 21.7 percent from May 1997 to May 1998.

Increases from Milne Point, Cook Inlet, Kuparuk, NGLs

The largest increase in average barrels produced was at Milne Point, where the daily average was 58,161 barrels a day in May (4.71 percent of state production), up 3.79 percent (2,206 barrels a day) from Aprilís average of 55,955 barrels a day.

The largest percent increase was in Cook Inlet, where May production averaging 32,774 barrels a day (2.66 percent of state production) was up 5 percent from April production averaging 31,128 barrels a day.

Kuparuk River production increased marginally to an average 256,688 barrels a day (20.8 percent of state production) in May, up 0.27 percent (684 barrels) a day from April production averaging 256,004 barrels a day. Prudhoe Bay natural gas liquids production was up 4.68 percent, to an average of 57,693 barrels a day for May (4.68 percent of state production), a 1,474 barrel increase from Aprilís average of 56,219 barrels a day.

Decreases at Prudhoe Bay, Lisburne, Endicott

The largest barrel decline was at Prudhoe Bay, where May production averaged 597,926 barrels a day of crude (48.45 percent of state production), down 3.36 percent (20,069 barrels) from Aprilís average of 617,995 barrels a day.

The largest percentage decline was at the Lisburne production center. Mayís average of 179,617 barrels per day (14.56 percent of state production) was down 5.47 percent (9,833 barrels) from Aprilís average of 189,450 barrels a day.

Production from Endicott averaged 51,167 barrels a day in May (4.15 percent of statewide production), down 5.2 percent (2,659 barrels) from Aprilís average of 53,826 barrels a day.

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