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October 12, 2010 --- Vol. 16, No. 89October 2010

Chevron to market Cook Inlet assets

Chevron said today that it plans to market its Cook Inlet oil and gas assets. The potential sale will include all Cook Inlet assets owned by Union Oil Company of California and Chevron U.S.A. Inc.

Chevron said the producing properties will be offered as a single package and expects to begin marketing efforts in the near future.

The assets Chevron intends to divest include interests in the Granite Point, Middle Ground Shoals, Trading Bay and MacArthur River fields; interests in 10 offshore platforms; interests in onshore gas fields including the Ninilchik unit and the Beluga River unit; and two gas storage facilities.

Net production from the assets is approximately 4,000 barrels of oil per day and 90 million cubic feet of natural gas per day.

Chevron will also divest its interests in the Cook Inlet Pipe Line Co. and the Kenai Kachemak Pipeline.

Chevron’s Alaska general manager, John Zager, said the company is proud of its legacy and its dedicated and talented workforce.

“We believe that finding a company that views the Cook Inlet as a vital, core asset will benefit the employees, the community and the state in the long run,” he said.

BOEM releases draft supplemental EIS for Chukchi Sea Sale 193

The federal Bureau of Ocean Energy, Management, Regulation and Enforcement today released a draft supplemental environmental impact statement addressing concerns raised by the U.S. District Court for Alaska in its July 21 decision regarding Chukchi Sea lease sale 193.

BOEM said the draft SEIS analyzes specific issues raised by the court but does not address whether additional environmental analysis should be undertaken with regard to future leasing and permitting actions.

“Alaska’s coastal waters hold rich fisheries and marine mammal communities, and environmental resources that support tourism and sustain Alaska Native nations, as well as significant oil and gas reserves. These frontier areas need additional scientific, environmental and spill risk analysis before any determinations are made as to future leasing and permitting. This draft SEIS, which follows a careful review of the issues raised by U.S. District Court for Alaska, is a step in that process, but more review is yet to come that looks at the Arctic region as a whole,” said BOEM Director Michael Bromwich.

The draft SEIS is posted at http://alaska.boemre.gov; a Federal Register notice announcing the draft will be published Oct. 15, at which time BOEM will begin accepting public comments. Comments will be accepted through Nov. 30 and BOEM will also hold public hearings in Anchorage and in communities closest to the Sale 193 area.

A final SEIS will be completed once all of the public comments are reviewed.

See full stories in the Oct. 17 issue of Petroleum News, available to subscribers online at noon, Friday, Oct. 15 at www.PetroleumNews.com

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