Conoco sanctions GMT
ConocoPhillips Alaska Inc. is moving forward at the Greater Mooses Tooth unit.
The company has officially approved funding for the GMT-1 project, which will become the first oil development exclusively within the National Petroleum Reserve-Alaska.
The $900 million project will include construction of a gravel drilling pad, a 7.7-mile road and associated facilities and pipeline and an initial drilling program of nine development wells. The GMT-1 pad will have the capacity for as many as 33 wells.
Construction is scheduled to begin in early 2017 and continue through 2018. The project is expected to employ approximately 700 people each winter, at its peak, plus support positions. The company expects to bring the GMT-1 pad into production in late 2018.
- ERIC LIDJI
State, BLM lease sales combined top $10 million
The Alaska Division of Oil and Gas held its fall lease sales this morning. There were no bids in the Beaufort Sea or North Slope Foothills sales, division Director Corri Feige said at the sale, but the state took in $9.5 million on 186,400 acres, 131 tracts.
In a National Petroleum Reserve-Alaska sale this afternoon, the Bureau of Land Management received six bids on six tracts, for a total of $788,680 on some 28,590 acres.
ConocoPhillips Alaska Inc. was the only bidder in the BLM sale.
Accumulate Energy Alaska and Burgundy Xploration, bidding jointly, took 121 tracts in the state sale for $4.74 million. Denver-based 70 & 148 LLC took 10 tracts for $4.78 million.
- KRISTEN NELSON
See stories in Nov. 22 issue, available online Friday, Nov. 20 at www.PetroleumNews.com
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