ANS price up, production down - August 25, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2002

Vol. 7, No. 34

Week of August 25, 2002

ANS price up, production down

Petroleum News Alaska Staff

The price for Alaska North Slope crude oil is up but the volume of barrels produced is down from the Department of Revenue’s spring 2002 forecast.

The department said Aug. 19 that the actual ANS crude oil price for fiscal year 2003 has averaged $25.32 per barrel, $4.82 a barrel more than the $20.50 a barrel projected in the department’s Spring Sources Book.

On the production side, the department’s FY 2003 projection was an average of 1.053 million barrels a day, while actual fiscal year-to-date 2003 ANS production has averaged only 0.981 million barrels per day, 72,000 bpd below the spring forecast.

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