Anadarko Wins 34 Tracts in Alaska Lease Sale

Anadarko Petroleum Corporation is the apparent high bidder on a total of 34 tracts in Monday's National Petroleum Reserve-Alaska Oil and Gas Lease Sale 2002.

Anadarko and its partner, Phillips Alaska Inc., submitted winning bids representing a combined total investment of $9.6 million ($2.7 million net to Anadarko). The 34 tracts cover more than 282,000 gross acres and are located primarily west of the companies' Moose's Tooth discovery. "This additional acreage in the NPR-A will allow us to continue our exploration momentum westward across the petroleum reserve, to examine new ideas and explore new stratigraphic intervals," said John Seitz, Anadarko president and chief executive officer. "Alaska is an important frontier exploration area. Anadarko is one of the largest acreage holders on the North Slope, and these new tracts further enhance our prospect inventory," Seitz said.

With this sale -- the second since the federal government resumed leasing in the reserve in 1999 -- Anadarko's leasehold in NPR-A will total 277,500 net acres. Across the North Slope of Alaska, Anadarko has access to a total of approximately 1.9 million net acres through current and pending leases or options.