Alaska to strip companies of oil and gas leases

[elehhhhna]

Monday, Nov. 27, 2006

Alaska to strip companies of oil and gas leases
By ANNE SUTTON Associated Press Writer

(AP) - JUNEAU, Alaska-The state of Alaska plans to strip oil companies of their leases on the Point Thomson oil and gas field after finding the primary lease holder, Exxon Mobil Corp., failed to come up with a viable plan for developing the field's vast reserves.

Gov. Frank Murkowski, alongside Natural Resources Commissioner Mike Menge, announced the decision at a news conference in Anchorage on Monday, just one week shy of the end of his administration.


Murkowski said Exxon Mobil, despite being granted numerous extensions over several decades, failed to make good on its obligations as operator of the field.

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

http://news.findlaw.com/ap/o/51/11-28-2006/3fbe00083bd48083.html

[Toots]

1. Murkowski's revenge

Although it is about time... Murkowski has been pushing very hard to get a gas pipeline contract signed. The Legislators had to take him to court so he would not unilaterly sign the contract. He called several special sessions to deal with it and the Legislature refused. Now he is going to muck it up where it gets tied up in litigation for years. However there is a better way and Alaska will adopt it. There are others that can and will build the pipeline but where Alaska will profit instead of Big Oil......He thinks he is being spiteful but in reality it is a blessing in disguise...Democrats have been very strong supporter of the gas pipeline for over a decade.. Natural gas is a clean burning alternative to gasoline. Very environmentally friendly..