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Providing coverage of Alaska and northern Canada's oil and gas industry
January 2016

Vol. 21, No. 5 Week of January 31, 2016

Conoco negotiating Inlet asset sale

ConocoPhillips is engaged in negotiations over the sale of its Cook Inlet assets, company spokeswoman Amy Burnett told Petroleum News in a Jan. 26 email. At this point the company cannot make any further statement about what is happening, she said.

In July the company announced its intention to sell off its Cook Inlet properties, other than the liquefied natural gas facility at Nikiski on the Kenai Peninsula. Those properties include the offshore North Cook Inlet gas field and interests in the Beluga gas field, which the company operates on the west side of the inlet. The company said that it wants to focus on its North Slope operations, including the Alaska LNG project.

In early October the Anchorage Municipal Assembly authorized the Municipality of Anchorage to bid for some or all of the ConocoPhillips’ assets, with a view to securing gas ownership for Municipal Light & Power, an electric utility owned by the municipality and a user of natural gas as a fuel for power generation. ML&P already owns a one-third interest in the Beluga field, an arrangement that has enabled the utility to assure a supply of gas at below-market prices.

In September Anchorage Mayor Ethan Berkowitz had proposed that the municipality should bid for the ConocoPhillips properties. ConocoPhillips had set a target of end December for closing the sale.

The mayor’s office has not responded to a request for information about any bid by the municipality for the properties.

- ALAN BAILEY






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