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32

Exxon to Receive North Slope Back

Alaska officials ruled in 2005 that Exxon Mobil was in default for delaying Point Thomson development...

Exxon Mobil Corp. has an extra month to appeal the state's decision to revoke the company's leases in the North Slope's Point Thomson oil and gas field, the Department of Natural Resources said Tuesday, AP reported.

Point Thomson is the North Slope's second largest natural gas field after Prudhoe Bay, and lawmakers have called it vital to the success of a prospective gas pipeline.

The field is estimated to hold about 9 trillion cubic feet of gas reserves, more than a quarter of the known gas in all North Slope fields.
Department of Natural Resources Commissioner Tom Irwin said he could not comment because of pending litigation. Exxon Mobil officials could not immediately be reached for comment.

Alaska officials ruled in 2005 that Exxon Mobil was in default for delaying Point Thomson development by submitting a plan without any sure date for production to begin.