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NEWS BULLETIN

February 06, 2008 --- Vol. 14, No. 14February 2008

Seven companies bid $3.4 billion in Chukchi sale

The U.S. Minerals Management Service received almost $3.4 billion in total bids in today’s Chukchi Sea oil and gas lease sale, with $2.6 billion in high bids, breaking the previous high bid record for an Alaska OCS sale that was set in the early 1980s.

Shell offered the highest bid -- $105 million for a tract adjacent to the Burger well.

Seven companies bid on the 448 tracts, including Shell, Statoil Hydro, Eni, Repsol, ConocoPhillips, Northern America Civil Recovery Arbitrage Corp. and IONA Energy Co. (US) Ltd.

It does not appear that IONA has bid in Alaska before, but Northern America Civil Recovery bid in the March 2005 Beaufort Sea MMS sale. The company was high bidder on two leases, but “did not pursue them,” MMS said in late 2005.

Editor’s note: See full story in the Feb. 10 issue of Petroleum News that will be available online to subscribers on Friday at www.PetroleumNews.com.

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