The Trump administration is close to auctioning off drilling rights for the land in northeast Alaska — potentially just days before President-elect Joe Biden takes office in January. But to what degree will the industry participate?
Supporters say Ballot Measure 1 would fix Alaska’s oil tax law and fill the state’s deficit. But those opposed argue it would lead to less investment in Alaska and jeopardize the state’s economy.
State and oil company officials confirmed 13 cases of COVID-19 between two different North Slope oil fields, as Alaska reported 86 new cases of the virus Thursday.
Hilcorp Energy Company will take over BP Alaska’s oil and gas leases within Point Thomson, Milne Point and the massive Prudhoe Bay oil field. The transfer is expected to happen around midnight, and marks the close of a major part of the $5.6 billion deal first announced by the oil companies last August.
Hilcorp took steps to comply after it got a notice of violation
As oil and gas company BP presses ahead with the sale of its Alaska business to privately-held Hilcorp, questions loom around how low oil prices are impacting the deal. On Monday, the companies released answers to a state agency that’s scrutinizing a key piece of the transaction, but with a catch: The companies and their…
In a statement late Sunday, BP confirmed its commitment to close the multi-billion dollar sale.
The City of Valdez is appealing a decision from the Regulatory Commission of Alaska, the state agency tasked with reviewing a critical piece of BP’s proposed $5.6 billion sale to Hilcorp.
More than 700 companies in Alaska want exemptions to a public health mandate that quarantined employees coming from out of state. But the state has so far refused to release companies’ plans publicly, even as municipal leaders press for access.
As oil prices crater, banks are hesitant to finance the $5.6 billion deal, according to the Wall Street Journal.