In February 2008, Exxon, which is a significant leaseholder in the gas filed, offered a $1.3 billion drilling plan in order to stop Alaska’s legal attempt to break up the field and probably lease the acreage to other companies.
According to Alaska’s Department of Natural Resources, Exxon’s disability to develop the field under 22 previously submitted development plans has led to the rejection of the latest proposal.
Anchorage Daily News quoted Exxon Mobil as saying: We’re surprised and extremely disappointed. We plan to appeal this action and will pursue all alternatives to protect our rights to develop these resources.
Exxon has discovered Point Thomson’s gas and oil reserves in 1977. From then, the company has not been able to develop the field due to the lack of a gas pipeline and the field’s extreme subsurface pressure.
At present, two pipeline proposals, one from TransCanada and the other from a partnership between Conoco Phillips and BP, are under consideration. While submitting its development plan, Exxon told Alaska that it would give its share of Point Thomson gas to a pipeline project if it obtained terms like that of other companies with gas to ship. However, the state was not impressed with the company’s plan.
