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DNR resets 2011 Fall Oil and Gas Lease Sales for Dec. 7

(Anchorage, AK) – The Alaska Department of Natural Resources, Division of Oil and Gas, is changing the date and location of its annual Beaufort Sea, North Slope, and North Slope Foothills lease offering.

The state is rescheduling the three oil and gas lease sales, typically held in October, for two reasons: 1) more acreage in the North Slope lease sale area could become available by waiting until December; and 2) to provide companies additional time to prepare bids for state acreage.

The lease sales are tentatively scheduled to be held at 9 a.m. on December 7, 2011 at the Dena’ina Civic and Convention Center, 600 W. 7th Avenue, in Anchorage.

This lease offering is expected to be one of the largest in the country this year. Combined, the three lease sales cover an area of 14.7 million acres, about the size of Massachusetts, Vermont, and Connecticut combined.

“The state of Alaska is continuing to aggressively market this fall’s huge North Slope lease offering to potential investors,” said DNR Commissioner Dan Sullivan. “We have had indications of interest from certain companies, and we want to provide them with ample opportunity to prepare for possible participation in the upcoming lease sale.”

“Marketing of Alaska’s lease sales is a key component of the state’s broader strategy to boost oil production from the North Slope to 1 million barrels a day within a decade. Achieving this ambitious goal will require billions of dollars of new investment. Clearly, we cannot predict the level of participation in this lease sale, but we are making every effort to bring it to the attention of oil and gas companies around the world,” Sullivan said.

Federal agencies have estimated that state and federal lands on the North Slope contain massive quantities of hydrocarbons – as much as 40 billion barrels of conventional oil and 236 trillion cubic feet of conventional gas. These estimates do not include the additional billions of barrels of unconventional oil (heavy, viscous, and shale) estimated to be on the North Slope and trillions of cubic feet of unconventional gas (shale and tight gas).

Sale terms and conditions are being finalized and will be announced very soon. The statutory deadline for publishing the public notice and accompanying documents, including sale announcements, instructions to bidders, tract maps and bid forms is October 23, 2011. All documents will be made available on the Division’s website at: http://www.dog.dnr.state.ak.us/oil/.

For information, contact Lease Sales, Holly Poydack at 269-8757 or Lease Administration, Terry Peterson at 269-8816.

 

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