Point Thomson unit aligned, Phillips now an owner

Petroleum News Alaska

Phillips Alaska Inc. has acquired a 5 percent working interest in the Point Thomson field from unit owners ExxonMobil Production Co., BP Exploration (Alaska) Inc. and Chevron U.S.A. Inc. The eastern North Slope unit abuts the coastal plain of the Arctic National Wildlife Refuge.

Phillips corporate filings said the company purchased 1 percent of the Point Thomson field in the second quarter of 2001 and subsequently contributed land in the unit’s proposed expanded area in exchange for an additional 4 percent interest.

In the draft 18th plan of development for Point Thomson, unit operator ExxonMobil said that during the 17th plan of development the four major owners — ExxonMobil, BP, Chevron and Phillips — worked together to align their interests in the expanded unit area: “This alignment has been completed among the four major owners, culminating over one year of negotiations.”

These agreements, ExxonMobil said, settle the major owners’ equity in the unit for both the Thomson and Brookian reservoirs, and the alignment across the entire redefined Point Thomson unit area “is viewed as a major step forward in progressing the field quickly toward production by removing the equity determination process as a factor in the field development process.”

Lease cross assignments will be filed with the state this year.

See related Point Thomson stories on this page and page A19.