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Vol. 10, No. 18 Week of May 01, 2005
Providing coverage of Alaska and northern Canada's oil and gas industry

Petro-Canada moving ahead with Alaska plans in next one to two years

Petro-Canada expects to start spending money on its growing Alaska holdings in the next one to two years, Chief Executive Officer Ron Brenneman told a conference call April 26.

But he said a final decision hinges partly on trying to anticipate when an Alaska gas pipeline might proceed.

Brenneman said a partnership with Anadarko Petroleum in the gas-prone foothills of the Brooks Range is now looking at laying out a joint seismic program.

He said the two companies have pooled 1.5 million acres to overcome what he described as a checker-board pattern of holdings.

In the oil-prone National Petroleum Reserve-Alaska Northwest where Petro-Canada holds more than 300,000 acres he said the company is examining other pooling arrangements with parties he did not identify.

Brenneman said the hope for the NPR-A is that discussions will “ultimately lead to a joint partnership” for exploration.

—Gary Park



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