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Archive for Tuesday, May 13, 2008

Exxon seeks $800M over gas, oil leases

May 13, 2008

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— Exxon Mobil Corp. asked Monday that Alaska pay $800 million in damages, claiming the state breached a deal when it revoked gas and oil leases on a North Slope oil field.

The Irving, Texas-based company also filed a separate request for reconsideration of a gas field development proposal that was rejected by state Resources Commissioner Tom Irwin last month.

Both filings were submitted to the Alaska Department of Natural Resources by Exxon Mobil on behalf of itself and its lease partners over the revocation of Point Thomson oil and gas leases.

Development of the field is considered vital to a successful natural gas pipeline project under consideration by the state.

Point Thomson holds nearly one-fourth of the 35 trillion cubic feet of natural gas reserves that the state and the industry hope one day to ship in a gas line to Midwestern markets.

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