Sitnews - Stories In The News - Ketchikan, Alaska - News, Features, Opinions...


State Holds Cook Inlet Oil & Gas Lease Sale


May 20, 2004

Juneau, AK - Alaska Governor Frank Murkowski announced Wednesday that the state received $2.7 million in bonus bids for leasing 363,000 acres in its Cook Inlet areawide oil and gas lease sale. Today's sale was the highest amount of acreage leased in the 17 Cook Inlet sales that the state has conducted since 1986. Along with the Cook Inlet sale, the state conducted North Slope Foothills Areawide, in which Petro-Canada picked up 5 tracts for approximately $154,000. The Cook Inlet and North Slope Foothills sales are part of the state's ongoing areawide leasing program.

"Areawide leasing has been a highly successful program," Murkowski said. "With today's sales, the state has surpassed $100 million in bonus bids since the program's inception in 1998. Participation in today's sales demonstrates that industry, especially the independents, remains bullish on Alaska. I am particularly pleased to see new participation in our sales, and welcome Pioneer Oil to Alaska."

Seventy-eight bids were received on 72 lease tracts throughout the sale area, from Anchor Point to Wasilla, and from the Kenai Peninsula to the western side of the inlet. Eight independent oil and gas companies were major participants in the sale, along with several individuals. Marathon Oil was the only major oil company participating in today's sale. Independents were successful bidders on 58 tracts, Marathon Oil was high bidder on 11 tracts and individuals picked up three tracts. Pioneer Oil, an Illinois company and a new participant in Alaska, was the most active bidder, picking up a total of 27 tracts on the west side of the inlet near Tyonek and tracts from Pt. McKenzie to Big Lake.

Twenty-five percent of the state's proceeds from lease sales is deposited into the Permanent Fund Account.

Preliminary sale results are available on the Division of Oil and Gas website: at, or at the division's office at 550 West 7th Ave, Suite 800, in Anchorage.


Source of News Release:

Office of the Governor
Web Site


E-mail your news & photos to

Post a Comment
        View Comments
Submit an Opinion - Letter

Stories In The News
Ketchikan, Alaska