Tegan Hanlon, Alaska's Energy Desk - Anchorage
It’s the third such extension granted by DNR in the past three months. The department cited the coronavirus pandemic’s dire impacts as the reason to give companies more time to pay.
Hilcorp Alaska announced in a written statement Wednesday morning that it has taken over BP’s interests in the Prudhoe Bay, Milne Point and Point Thompson fields.
Trump administration wants to open millions of more acres to oil development on Alaska’s North Slope
The administration is proposing to open 82% of the National Petroleum Reserve-Alaska to oil and gas leasing, a move staunchly opposed by environmental groups.
Superior Court Judge William Morse sided with proponents of the ballot initiative, saying Meyer did not provide an impartial summary.
The regulators cited the company’s history of violations as a factor behind the penalty.
The oil and gas company says it wanted to create a new way to keep tabs on employees’ temperatures and any symptoms that could be consistent with the coronavirus, so it partnered with Resource Data to create a digital hub.
Storage concerns had driven the company to cut oil flow down the trans-Alaska pipeline by as much as 15% earlier this month.
It’s a new way of doing business for the state department that has long relied on in-person auctions and sealed bids.
Demand for oil is starting to creep back as the economy reopens, and oil producers globally have made major cutbacks to production.
The companies are petitioning the Regulatory Commission of Alaska to keep a list of documents and other information confidential, including details about whether the recent turmoil in the industry has impacted Hilcorp’s ability to pay for the $5.6 billion deal.
Conoco will cut oil production in Alaska by about 100,000 barrels per day for the month of June. That's about a fifth of the crude that typically flows down the trans-Alaska pipeline.
‘The first glance at what’s coming’: Oilfield service companies alert state of more than 250 layoffs
Across the country, companies that provide oilfield services and equipment are cutting jobs and bracing for bankruptcy as the pandemic launches the oil and gas industry into a tailspin.
The oil and gas giant says it expects the deal to close in June.
While crude prices have continued to plummet in recent weeks, and oil companies have announced spending cuts, Monday’s price meltdown was particularly staggering.
ConocoPhillips said Thursday that it will cut capital spending in Alaska by another $200 million as demand plummets and oil prices tumble to an 18-year low. That’s on top of a $200 million reduction the oil giant announced last month.
The City of Valdez is taking a fight to have Hilcorp reveal its finances to state Superior Court in Anchorage.
The industry groups claim that some signature gatherers were paid more than $1 per signature, in violation of state law. But supporters of the initiative ardently deny the allegations, calling them baseless.
Banks have balked at financing the $5.6 billion deal, the newspaper reported on Thursday.
The impacts of the coronavirus continue to reverberate across Alaska, including its oil fields.
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