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17

Exxon Mobil Corp. Fights for its Alaska Lease

Exxon Mobil Corp. is reviewing its legal options in the wake of Alaska's decision to strip it and other oil companies

Exxon Mobil Corp. is reviewing its legal options in the wake of Alaska's decision to strip it and other oil companies of their leases in the North Slope's Point Thomson oil and gas field, ABCnews reported.

The state said Monday it was revoking the leases after finding Exxon Mobil failed to come up with a viable plan for developing the field's vast reserves.

Exxon Mobil spokeswoman Susan Reeves said the company was disappointed.

"Exxon Mobil has complied with the Point Thomson lease agreements, the unit agreement and all Alaska statutes and regulations. Any litigation by the state to take back the Point Thomson leases is likely to be protracted," Reeves said.

Other oil companies being stripped of their leases include BP PLC, Chevron Corp. and ConocoPhillips.

Exxon Mobil has 30 days to appeal the state's decision to the Superior Court. State officials predict litigation could take as long as three years.