Chevron has its Slope interests for sale

Petroleum News

Reuters reported Sept. 19 that Chevron Corp. has its North Slope interests up for sale.

Alaska Division of Oil and Gas records indicate Chevron holds non-operating interests in three North Slope fields:

*Duck Island unit (Endicott) - working interest ownership ranging from 0.25% to 10.59% in the various leases in that unit.

*Prudhoe Bay unit - 1.16% WIO.

*Kuparuk River unit - 4.95% WIO.

The Reuters report said Chevron is marketing its interest is more than 2,000 oil and gas wells in Alaska.

Chevron, an early explorer in Alaska, previously exited the state in 1992, Reuters noted, returning when it acquired Union Oil Company of California. Unocal held primarily Cook Inlet operated assets which Chevron sold to Hilcorp in 2011.

Division records show Chevron held 23,169.82 acres of state oil and gas leases as of Sept. 4.

Reuters said Chevron estimates proved and developed portions of the assets to be worth $655 million and with future developments, the value could be $926 million.

The marketing document says interests in pipelines in the Kuparuk and Endicott fields are included in the sale, Reuters said.

- Petroleum News