Shell Apparent High Bidder 33 Blocks in Alaska Peninsula O&G Sales
Shell is the apparent high bidder on all 33 blocks on which it bid in the Alaska Peninsula Oil and Gas Lease Sale, held in Anchorage on Oct. 26, 2005. Shell exposed nearly $1 million.
Upon acceptance of these bids by the Alaska Department of Natural Resources, Shell will move into an evaluation phase for these leases.
"We are pleased with the outcome of today's sale, which allows us to build a position in Bristol Bay," said Annell Bay, Regional Vice President for Exploration in the Americas. "We believe the area has significant natural gas potential, however, we understand some residents have concerns regarding oil and gas exploration and development. Therefore, we support an active consultation and community outreach process to help us learn more about these concerns and find solutions together. We fully intend to continue to meet with and ask for input from stakeholders in the area."
Shell also acquired 84 leases in the Beaufort Sea during the March 2005 Outer Continental Shelf Lease Sale 195. Building an Alaska portfolio is part of Shell's increased focus on more upstream.
"Alaska holds the potential to yield the large hydrocarbon discoveries needed to become a new core area for Shell, to build Shell's reserves and to help provide future energy resources for America's growing demand," said Chandler Wilhelm, Alaska Exploration Manager. "We also are committed to developing long-term and sustainable relationships with the state of Alaska and its residents."
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