Alaska National Petroleum Reserve 2011 Lease Sale announcement
The Bureau of Land Management (BLM) in Alaska has announced the 2011 Lease Sale in the National Petroleum Reserve will take place on 7 December 2011. The Lease Sale will cover the Northeast and Northwest planning areas of the National Petroleum Reserve. The BLM will offer 283 tracts comprising approximately 3,060,176 acres in this sale. Of these, 178 tracts will be offered in the Northeast NPR-A covering 1.8 million acres and 105 tracts will be offered in the Northwest NPR-A covering 1.2 million acres.
All tracts, ranging in size and minimum bid, will carry a primary lease term of 10 years. The Northeast High Potential tracts will have a USD 25/acre minimum bid and will cover an area of 5,760 acres each. The Northeast Low Potential tracts and Northwest tracts will have a USD 5/acre minimum bid and will cover an area of 11,500 acres each.
The U.S. Geological Survey (USGS) conducted an assessment of undiscovered oil and gas in the NPR-A in 2010 in order to update the previous 2002 assessment. The assessment described the Northeast planning area as having the greatest potential for undiscovered oil. Lowering the original 2002 assessment, the USGS estimated that a volume of approximately 896 mmbbls of oil and 53 tcf of non-associated gas in conventional accumulations lie undiscovered in the NPR-A.
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