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Providing coverage of Alaska and northern Canada's oil and gas industry
March 2008

Vol. 13, No. 9 Week of March 02, 2008

State holding Oliktok Point lease sale

The state Division of Mining, Land and Water is holding a lease sale for a plot of land near Oliktok Point.

The sale is in response to a request from Eni US Operating Inc. to lease 9.88 acres in sections 16 and 17 of township 13N, range 7E, Umiat Meridian.

Eni plans to use the lease for construction of an onshore production pad in support of its offshore Nikaitchuq project in the shallow waters of Foggy Island Bay.

The state plans to issue the lease through a sealed bid auction to the highest qualified bidder, with the minimum bid at $24,800 per year for 25 years.

Each bid must be accompanied by a 20 percent bid deposit, and before issuing the lease, the state will require the high bidder to get approval of a development plan, submit a performance guaranty and acquire necessary insurance.

Bids must be received by 4 p.m. on March 25 and the auction will be held at 9 a.m. on March 26 in the large conference room at the Department of Natural Resources, Northern Regional Office in Fairbanks. For more information, contact Robert Layne at 907-451-2735 or [email protected].

—Petroleum News






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