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ANWR in the news.

ConocoPhillips has released a statement that it is no longer an active member of Arctic Power and has not been involved in the Arctic National Wildlife Refuge (ANWR) debate, which has been lobbying for oil development, for many years. The company said it has focused its investment attention in Alaska toward the gas pipeline and development of other North Slope satellite fields. Outside sources have speculated the company may have withdrawn because of dissatisfaction among shareholders who are concerned about the environmental and economic risks of drilling in ANWR. Arctic Power's membership now includes only one major North Slope oil company--Exxon Mobil.

In other ANWR news, federal officials are considering opening thousands of acres of the North Slope of Alaska to oil and gas drillers. This would reverse the Clinton-era closures that environmental groups say are vital for protecting rich stocks of migratory water fowl and other wildlife.

In response to the country's need for oil and gas, the Alaska director for the U.S. Bureau of Land Management has decided to lease the acreage, designated as a petroleum reserve, in the northeast corner of the National Petroleum Reserve-Alaska as soon as July. Government geologists believe the reserve's northeast corner might contain more than 2 billion barrels of oil and 3.4 trillion cubic feet of natural gas.
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Title Annotation:NEWSLINE: The Latest Industry Developments
Publication:Underground Construction
Date:Apr 1, 2005
Words:218
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