Conocophillips Alaska News

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm, a most terrible trifecta, the hat trick from hell," said state Senator Natasha von Imhof, co-chair of the Senate Finance Committee, at a hearing Saturday.

BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska. BP has entered into an agreement to purchase from ConocoPhillips a 16.5% interest in the BP-operated Clair field, west of Shetland in the UK, buying a ConocoPhillips subsidiary that will hold this interest in the field. As a result, BP will hold a 45.1% interest in Clair and ConocoPhillips will retain a 7.5% interest. Separately BP has entered into agreements…

The state-owned Alaska Gasline Development Corp. (AGDC), and ConocoPhillips Alaska Inc. have executed a memorandum of understanding (MOU) to form a joint venture company (JV) to market liquefied natural gas (LNG) from the Alaska LNG project. AGDC said the joint venture would also focus on buying North Slope gas and pursue support of other major North Slope producers in the formation. The JV's ultimate goal is to bring global LNG buyers and North Slope wellhead sellers together. According to Alaska Dispatch News, the JV will also try to bring ExxonMobil and BP into the joint venture, according to a statement from the Alaska Gasline Development Corp., the state corporation that represents Alaska in the $55 billion Alaska LNG project.

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export terminal in Alaska over the next two years starting Feb. 19. The Kenai facility was the first LNG export facility in the United States. Most of the gas exports from Kenai have gone to Japan since the plant entered service in 1969. In a few weeks, the fist LNG export terminal in the lower 48 states is expected to enter service at Cheniere Energy Inc's Sabine Pass facility in Louisiana. The federal approval will allow ConocoPhillips to export gas to any country the United States has a free-trade agreement with or any other country with which trade is not prohibited by U.S. law.

Coast Guard Sector Anchorage personnel along with federal, state, local, tribal partners and industry representatives conducted mutual aid drills in Anchorage and Deadhorse, Wednesday. During the drill, participants tested their ability to establish a Unified Command, implement the North Slope Mutual Aid Agreement and deploy equipment in response to a simulated oil spill at the remote Nikaitchuq Project at Spy Island near Deadhorse. “Drills like this are important because they…

Regulatory uncertainty leads ConocoPhillips to call a halt to its 2014 Chukchi Sea exploration drilling plans. ConocoPhillips say it will put its 2014 Alaska Chukchi Sea exploration drilling plans on hold given the uncertainties of evolving federal regulatory requirements and operational permitting standards. The company has determined it would not be prudent at this time to make the significant monetary commitments needed to preserve the option to drill in 2014. “While we are confident in our own expertise and ability to safely conduct offshore Arctic operations, we believe that more time is needed to ensure that all regulatory stakeholders are aligned,” said Trond-Erik Johansen, President, ConocoPhillips Alaska.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.