Reuters noted that ExxonMobil and its project partners BP, ConocoPhillips and Chevron seek to initiate the development process to avoid the leases’ cancellation by the Alaska state officials.
In their proposal, the partners have proposed that the Alaska government approve their latest development plan for the Point Thomson field in return for an agreement that calls for a breakup of the field if the partners do not put it into production by 2014, according to the news source.
The state of Alaska has already initiated the process of breaking up the Point Thomson field and cancellation of the partners’ leases in December 2006. An Alaska court has ruled that both the parties make a final attempt to come to an agreement before lease cancellation can begin, reported Reuters.
