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US$3 million yielded in Cook Inlet bids

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Oilfield Technology,

The first lease sale held in Alaska’s federal waters since 2008, Cook Inlet Lease Sale 244 garnered US$3 034 815 in high bids for 14 tracts, covering roughly 76 615 acres in Cook Inlet. All bids were submitted by Hilcorp Alaska LLC.

Cook Inlet Lease Sale 244 is the final to be held under the 2012 - 2017 Outer Continental Shelf (OCS) Oil and Gas Leasing Program. It offered 1.09 million acres in Cook Inlet, comprising 224 blocks stretching roughly from Kalgin Island in the north to Augustine Island in the south.

“This sale represents an important step forward for energy development in Alaska,” said Dr Walter Cruickshank, Bureau of Ocean Energy Management’s (BOEM’s) acting director. “It demonstrates our commitment to environmentally responsible energy development that provides economic opportunities and generates jobs. Expanded oil and gas production is critical to America’s economic and energy security, as we move to strengthen the nation’s energy independence in accordance with the administration’s goals.”

Prior to today’s sale, twelve lease sales were held under the 2012 - 2017 Five year programme, which offered approximately 73 million acres for development and generated about US$3.275 billion in bid revenues.

The 2017 - 2022 programme is set to begin this summer and will be in effect until BOEM completes a new’ National OCS Oil and Gas Leasing Program’ as part of President Trump’s ‘America First Offshore Energy Strategy’, as outlined in the President’s Executive Order 13795 on April 28, 2017, and amplified by Secretary Zinke’s Secretary’s Order 3350 on 1 May 2017.

The Cook Inlet lease sale terms include stipulations to protect biologically-sensitive resources, mitigate potential adverse effects on protected species, and avoid potential conflicts associated with oil and gas development in the region.

Following today’s sale, each bid will go through a 90 day evaluation process to ensure the public receives fair market value before a lease is awarded. Lease awards will be posted to BOEM’s website as they are completed and it will announce final sale statistics upon completion of evaluations.

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