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BP North Slope oil term prices hold steady for July Division of Oil and Gas Audit more optimistic about fiscal year 2000 ANS prices — forecast up $3.44 a barrel to $17.01 Kristen Nelson PNA News Editor
The BP Amoco July term price for Alaska North Slope crude is $15.86 a barrel, up 2 cents from the June term price of $15.84 a barrel, a 0.13 percent increase.
The average BP term price year-to-date for 1999 is $13 a barrel, down 2.38 percent from the comparable 1998 year-to-date average term price of $13.32 a barrel.
BP has the largest volume of ANS production and is the only producer to post term prices.
Division of Oil and Gas more optimistic
The Alaska Department of Revenue Division of Oil and Gas Audit said June 28 that the 2000 fiscal year-to-date price for ANS is $15.75 a barrel, $2.18 a barrel higher than the division’s spring 1999 estimate. In its July ReveNews, the division revised its fiscal year 1999 ANS market price from $12.11 (in the division’s spring 1999 forecast) to $12.74, up 63 cents a barrel.
The division’s fiscal year 2000 projected price is now $17.01 a barrel, up $3.44 a barrel from $13.57 a barrel in the spring forecast. The fiscal year 2001 projected price is now $16.19 a barrel, up $1.67 a barrel from the spring forecast of $14.52 a barrel. Fiscal year 1999 a record low Recapping fiscal year 1999, just ended, the division noted the steady rise in ANS prices since the record low of $8.63 a barrel on Dec. 21. Pledged production cuts of 1.7 million barrels per day by OPEC and non-OPEC producers and reports of 93 percent compliance have brought ANS prices back up to $17 a barrel, the division said.
Despite the recent price rise, the division said fiscal year 1999 “represents the lowest yearly average ANS price experienced since the start-up of the trans-Alaska pipeline” with an average ANS West Coast price of $12.59 a barrel.
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