State to hold competitive royalty oil sale

Petroleum News Alaska Staff

The Alaska Department of Natural Resources will hold a competitive sale for royalty oil Sept. 7. The state will execute a one-year sale contract for approximately 35,000 barrels of North Slope oil per day for Jan. 1-Dec. 31, 2001.

The contract may be reissued for two years beyond the one-year term after legislative approval is obtained. First delivery of the royalty oil is scheduled for Jan. 1, 2001.

The division must receive bids by 4:30 p.m., Sept. 6. Bids will be opened publicly beginning at 10:00 a.m. Sept. 7. The bidder that offers the highest premium for the sale oil will be tentatively awarded the state royalty oil sale contract.

The Royalty Board will be discussing the sale and contract and potential recommendations to the Legislature at a public meeting Sept. 11 at 8:30 a.m. at the Legislative Information Office, 716 W. 4th Ave., Room 220 in Anchorage. Those wishing to bid must prequalify by Aug. 23.

More information is available at: www.dog.dnr.state.ak.us/oil/