Regenerate Alaska, a unit of Australia-based 88 Energy Ltd., relinquished the tract it acquired for over $770,000, federal officials said.
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.
The agency received dozens of public comments on the issue.
Agreement links Point Thompson production requirements to deal on Alaska LNG project.
Gov. Walker approves approves ExxonMobil’s plan to explore expansion of the massive Point Thomson gas field.
ConocoPhillips has confirmed it’s giving up its small stake in the Point Thomson field on the North Slope. The move has some observers wondering if it’s a bad sign for the state’s effort to build a massive natural gas line.
Gov. Bill Walker has introduced legislation clarifying the powers of the attorney general when settling litigation related to Alaska’s oil and gas resources.
Gov. Bill Walker has delegated his authority on the Point Thomson lawsuit to his lieutenant governor, while still leaving open the possibility of his involvement.
Spending on construction projects in Alaska is expected to increase this year according to the University of Alaska’s Institute of Social and Economic Research.