Foreign Affairs Discussion Group Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Foreign Affairs Discussion Group

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: jttmab	5/12/2007 7:59:00 AM
	of 281500

Exxon suit over canceled Alaska leases dismissed Reuters - May 10, 2007 4:49 PM ET By Yereth Rosen ANCHORAGE, Alaska, May 10 (Reuters) - An Alaska judge has thrown out a lawsuit filed by Exxon Mobil Corp. (XOM) seeking financial compensation from the state for the cancellation of the leases on a major undeveloped oil and gas field. The Alaska Department of Natural Resources moved to revoke the leases for the giant Point Thomson field in November, saying Exxon and its partners had waited too long to develop the field which was discovered in the 1960s. Alaska oil and gas leases normally expire after five to 10 years if a find is not developed, but Exxon and its partners had won regular extensions. State officials had been pushing Exxon to begin production of the liquids in Point Thomson to bolster Alaska's sagging oil production, but the company argued in 2005 that putting the natural gas-rich Point Thomson field into production before an Alaska gas pipeline was built was not economically prudent. The state of Alaska is still trying to restart the stalled process to build a pipeline to carry its gas resources to the U.S. Midwest. A process to select an operator for the pipeline, which is expected to cost more than $20 billion, is currently being relaunched by the state government. Point Thomson holds between 8 trillion and 9 trillion cubic feet of natural gas and about 300 million barrels of condensate and oil, according to the Department of Natural Resources. Further legal wrangling is expected as Exxon can still appeal the dismissal of the lawsuit. Exxon and its partners in the Point Thomson leases -- ConocoPhillips Corp. (COP), Chevron Inc. (CVX) and BP Plc BP.L -- are also pursuing other legal avenues to recover the field. --- END Interesting, all the hoopla of needing to drill ANWR and the dependence on foreign oil and Exxon is sitting on a gas and oil field for 40? years doing nothing. What's wrong with this picture? jttmab

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next