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Terms set for North Slope 2011 oil and gas lease sale

(Anchorage, AK) - The Alaska Department of Natural Resources (DNR) has announced the terms and conditions for its December 7, 2011 lease sale of oil and gas tracts in the Beaufort Sea, North Slope, and North Slope Foothills.

This oil and gas lease offering, encompassing nearly 15 million acres, will be one of the largest in the country this year. DNR is making every effort to bring the sale to the attention of oil and gas companies around world.

To promote development and protect the state’s interests, DNR has adjusted rental rates, minimum bids, royalty rate boundaries and tract size.

“These lease terms are designed to encourage financially sound, responsible operators to join in the accelerated development of the state’s natural resources,” said Bill Barron, director of DNR’s Division of Oil and Gas.

“Our efforts have been undertaken as part of the state’s focus on boosting oil production on the North Slope,” Barron said.

Full details for the December lease sale, including the sale notice, sale announcements, instructions to bidders and tract maps, can be found at http://dog.dnr.alaska.gov/.

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