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State to hold North Slope oil and gas lease sale on Nov. 6

(Anchorage, AK) – The Department of Natural Resources will hold its annual sale of oil and gas lease tracts on the North Slope and in the North Slope Foothills and Beaufort Sea at 9 a.m. on Nov. 6 at the Dena’ina Civic and Convention Center in Anchorage.

The lease sale area encompasses approximately 14 million acres. As previously announced, 11 tracts in the North Slope and Beaufort Sea areas will be deferred from this sale for the purpose of long-term testing of methane hydrate production in cooperation with the U.S. Department of Energy.

Lease sale terms and conditions have not changed and reflect revisions made in 2011 to encourage timely exploration and development of state lands.

The hydrocarbon potential of state, federal, and private lands in the North Slope region – both onshore and offshore – is enormous. Approximately 40 billion barrels of conventional oil and more than 200 trillion cubic feet of conventional natural gas remain untapped, according to federal estimates of undiscovered, technically-recoverable resources. The region also is estimated to contain tens of billions of barrels of unconventional oil – heavy, viscous and shale – and hundreds of trillions of cubic feet of unconventional gas. The U.S. Geological Survey recently estimated that the North Slope’s undiscovered, technically-recoverable shale resources could be as great as 2 billion barrels of oil and 80 trillion cubic feet of gas.

Bids must be received no later than Nov. 4, 2013 at 4 p.m., Alaska Standard Time. For more details regarding the lease sale, visit the Division of Oil and Gas website at http://dog.dnr.alaska.gov/.

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