BP joins Anadarko in gas exploration venture

Posted: Tuesday, February 20, 2001

ANCHORAGE (AP) -- BP is joining Anadarko Petroleum and Alberta Energy Company in their search for natural gas in the foothills region of Alaska's North Slope, the companies announced Monday.

BP has purchased a one-third interest in Anadarko's exclusive exploration agreement with the Arctic Slope Regional Corporation.

In exchange, Anadarko is getting an interest in a propspect near Prudhoe Bay and in some seismic surveys BP is conducting on the North Slope. As part of the trade, BP will purchase a one-third interest in approximately 230,000 acres of state leases jointly acquired by Anadarko and EAC last November. AEC will retain its one-third interest.

The value of the transaction was not disclosed Monday.

Anadarko launched its search for natural gas last month, sending seismic crews into the northern foothills of the Brooks Range in a search for natural gas. The effort marks the first time that an oil company has searched for gas on the North Slope.



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