BP ANS term price up

Petroleum News Alaska Staff

BP Amoco’s February term price for Alaska North Slope crude is $25.72 a barrel, up 4.72 percent ($1.16 a barrel) from the January price of $24.56 a barrel.

In February 1999 the term price was $10.79 a barrel and the 2000 year-to-date average is $25.14 a barrel, 149.4 percent of the comparable 1999 year-to-date average price of $10.08 a barrel.

As of Jan. 31, the Alaska Department of Revenue Division of Oil and Gas Revenue said that the fiscal year-to-date price for ANS was $21.86 a barrel, $1.75 a barrel over the division’s fall 1999 estimate. The state’s fiscal year is July through June; fiscal-year prices are tracked June 1 through May 31 because they equate to revenue in the month that follows.

The division said the price level was due to OPEC holding production quotas in place, cold temperatures in the Northeast United States and the rapid draw down of crude oil stockpiles.

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