BP, Chevron sign deal aligning interests for Point Thomson area

The area encompasses Sourdough, Flaxman and Point Thomson discoveries, as well as several exploration prospects within, outside unit

Kristen Nelson

PNA News Editor

BP Exploration (Alaska) Inc. and Chevron USA Inc. said Feb. 16 that they have entered into an agreement aligning their respective leasehold interests in the Point Thomson area east of Prudhoe Bay.

The alignment area, covering more than 450,000 acres, encompasses the Point Thomson unit and the Sourdough, Flaxman and Point Thomson discoveries. The alignment of leasehold interests also covers a number of exploration prospects both within and outside the unit.

BP Exploration (Alaska) spokesman Paul Laird told PNA that this is all of BP and Chevron’s acreage in the area. (See related article, written prior to this announcement, on page A11 of this issue.)

“It’s a step in the right direction toward resolving ownership of resource in the area,” Laird said, “but more steps are going to have to be taken before there is development in the area — not the least of which is coming up with an economically viable and competitive development plan.” ...

The rest of this story is available from Petroleum News • Alaska by calling the circulation manager Dan Wilcox at 522-9469 for back issue copies. (Feb. 1998)