The companies said they were releasing the leases in the National Petroleum Reserve-Alaska because there were too little oil and natural gas resources in the remote region to make the venture profitable.
"When you take a look at what led us to drop that [acreage], it ended up really being the high cost of exploration coupled with what we found, that basically told us that it was uneconomic to pursue," said Erec Isaacson, ConocoPhillips Alaska's vice president of land and exploration.
The tracts cover Noatak, the Kokoda wells drilled to the south of Noatak and the area where Conoco permitted the Nugget wells, Isaacson added (Petroleum News/Anchorage Daily News).
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