Anchorage may buy oil and gas company's regional interests

  • 2015-09-24
Ethan Berkowitz, the mayor of Anchorage, is asking members of the city's Assembly to support a bid to buy some of ConocoPhillips properties.

Berkowitz is asking for authority to submit “one or more bids” to buy some, if not all, of the company's interests in the area.

The items under consideration include the gas field at North Cook Inlet, a one-third interest in the gas field on the Beluga River, and approximately 5,700 acres of land leased by ConocoPhillips in and near Cook Inlet.

The oil company announced earlier this year that it was considering making the properties available, saying that while the Beluga River and North Cook Inlet operations were important historically, they were no longer vital to the operations in Alaska.

ConocoPhillips is instead turning to other projects, such as operations on the North Slope and its liquid natural gas (LNG) project. The company is therefore looking for a buyer – preferably one who will purchase all the properties for cash.

Anchorage has already invested in the gas field on the Beluga River, where the city’s investment has saved its residents approximately $239m since 1996.

Anchorage officials might consider working with brochure printers on a booklet for residents, explaining the proposal and its benefits to the community, as well as highlighting the savings that have been made to date.