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Vol. 9, No. 43 Week of October 24, 2004
Providing coverage of Alaska and northern Canada's oil and gas industry

North Slope producers embrace state of Alaska’s equity concept; state to submit draft proposal by Oct. 28

Kristen Nelson

Negotiations between the state of Alaska and the North Slope producers, BP, ConocoPhillips and ExxonMobil, appear to be moving right along, with Alaska Gov. Frank Murkowski reporting that the producers have embraced the state’s concept of equity ownership in the proposed Alaska gas pipeline.

The governor met with the producers Oct. 19 in Pasadena, Calif.

He said in an Oct. 20 statement that substantial progress has been made in advancing Alaska’s gasline project.

“The single most significant event that made these meetings possible was the success of our congressional delegation in obtaining the federal incentives necessary to advance the prospect to the next phase — the development of a stranded gas act contract between the state and the producers,” the governor said in a statement.

Murkowski said the producers have embraced the state’s equity concept, which he presented to legislators Oct. 13. He said the state has set a target date of Oct. 28 to submit its proposal to the producers, and the producers have indicated it will be their goal to respond within a week.

Deputy Press Secretary Michael Chambers told Petroleum News that what will be submitted to the producers will be “our fiscal terms which we expect will incorporate what we envision the equity stake to be.”

The producers will then submit their proposal, and negotiation will begin on the specifics.

“Our fiscal terms and theirs will be confidential throughout the process,” Chambers said.

Negotiations will then continue as the state’s stranded gas team works with the producers to develop a final proposal to submit to the Legislature early in the coming session.

North Slope producers at the Pasadena meeting were: Jim Mulva, CEO and chairman of ConocoPhillips, Houston; Bill Berry, executive vice president, exploration, ConocoPhillips, Houston; Tony Howard, CEO, BP Exploration, London; Steve Marshall, president, BP Exploration (Alaska), Anchorage; and Rex Tillerson, president, ExxonMobil, Dallas.



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