BP bids around the edges
Cash-strapped, can’t compete for costly leases in center; gambles on Prudhoe structure’s similarity to prolific Iranian discovery
In 1964 the first state land at Prudhoe Bay was put up for auction. Disheartened by the failures in the Brooks Range and Colville River delta, Sinclair opted out of the sale, which proved to be a poor decision.
“They got faint of heart,” said Richfield Oil and later Humble Oil North Slope geologist....
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