Published: August 6th, 2008 12:29 AM
Last Modified: August 6th, 2008 12:28 AM
JUNEAU -- State officials have canceled nearly all the leases in the disputed Point Thomson oil and gas field, the fate of which remains tied up in court.
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Kevin Banks, state oil and gas director, said Tuesday the action was taken in light of recent decisions by a judge and Natural Resources Commissioner Tom Irwin. The lease cancellation reaffirms a similar action in February 2007.
Exxon Mobil Corp. and other oil companies holding leases in the North Slope field are expected to appeal.
All but one 15-acre lease in the 106,201-acre field were canceled because their primary terms have expired, Banks said. The state has been trying to reclaim the field because Exxon and other oil companies have not yet developed the field, which was discovered decades ago.
Although Exxon has announced a plan to drill in the field this winter, the state considers the acreage off-limits to the company, Banks said.
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