Petro-Canada, Anadarko ink Brooks Range Foothills exploration deal

Petro-Canada said Feb. 22 that it has reached an agreement with Anadarko Petroleum Corp. to jointly explore in the Brooks Range Foothills in Alaska.

Anadarko will be the operator of the joint venture.

Petro-Canada said the agreement involves pooling of more than 1.5 million acres of state and Arctic Slope Regional Corp. lease holdings, as well as pooling of data and knowledge in the area. EnCana Oil and Gas (USA) Inc. will continue to hold a 33.33 percent interest in the Anadarko data and leaseholds in the pooled area. Prior to the joint venture, Petro-Canada had an interest in 430,000 acres in the Foothills.

“Petro-Canada and Anadarko hold a strong land position in the area, much of which is contiguous,” said Derek Evoy, Petro-Canada’s manager, North American Frontiers. “We also have a common view of the potential of the area.”

Asked what exploration plans the companies have, Petro-Canada spokeswoman Susan Braungart said Feb. 22: “We need to meet with our partner and make our joint plans before that can be determined.”

Braungart said this agreement includes only Petro-Canada’s Foothills’ acreage; the company also holds more than 300,000 acres in the National Petroleum Reserve-Alaska Northwest.

—Kristen Nelson