BG Expands Presence in Alaska
BG Alaska E&P, Inc., a wholly owned subsidiary of BG Group plc has signed an Exploration Agreement with Anadarko Petroleum Corporation to acquire a 40% equity share in 208,000 acres of land along Alaska's Eastern North Slope (ENS). APC will serve as operator for the joint venture.
The ENS acreage is located on the coastal plain near to the Prudhoe Bay field which has already produced over 10 billion barrels of oil. The Exploration Agreement became effective from April 17, 2006. Assignments contemplated under the Agreement are subject to approval of the State of Alaska.
Martin Houston, Executive Vice President and Managing Director, North America, Caribbean and Global LNG, said:
"BG Group is focused on growing its presence in Alaska as part of our long-term plan to meet the increasing US energy demand through the production of new natural gas supplies from Alaska and Canada. This agreement with Anadarko is an ideal partnership between two companies with the knowledge, technology and experience to be successful and fits nicely into our strategy of being a long-term reliable supplier of clean burning natural gas to the world's largest gas market."
In February 2006, BG Group announced a Participation Agreement with Anadarko Petroleum Corporation and Petro-Canada (Alaska) Inc., a wholly owned subsidiary of Petro-Canada for a 33.33% equity share in 2.1 million acres of land in the Foothills area of the Alaskan North Slope. Each partner owns approximately a one-third working interest in the acreage and Anadarko serves as operator.
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