BP term price holds steady

Petroleum News Alaska Staff

BP Amoco’s June term price for Alaska North Slope crude is $15.84 a barrel, up 22 cents from $15.62 a barrel for May, a 1.4 percent increase.

The term price bottomed out in January at $9.37 a barrel and has increased in four of the succeeding five months: to $10.79 a barrel for February (up $1.42 a barrel); $10.47 a barrel for March (down 32 cents); and $13.07 a barrel for April (up $2.60 a barrel). May’s term price was up $2.55 a barrel from the April price.

The year-to-date term price average stands at $12.53 a barrel, down 7.8 percent from last year’s average through June of $13.59 a barrel.

BP has the largest share of North Slope production and is the only ANS producer to report term prices.

As of May 24, the Alaska Department of Revenue Division of Oil and Gas Audit was reporting a fiscal year-to-date ANS price of $12.49 a barrel, 38 cents a barrel above the division’s spring 1999 estimate.