Arco plans extra $500 mm for Alaska projects

Dec 18, 1996 01:00 AM

Dec. 4, 1996 Arco plans to spend an additional $ 500 mm on Alaska capital projects in the next five years, on top of $1.2 bn already slated for 1997-2001. Arco Alaska will spend the resulting total $1.7 bn on the following:- about $ 475 mm over the next five years for exploration and delineation drilling- about $400 mm to develop Arco's share of the new Alpine prospect east of the Kuparuk field.- $300 mm on enhanced recovery and new drilling at the supergiant Prudhoe Bay field- $275 mm for enhanced recovery at the Kuparuk field- $120 mm on producing heavy oil at the West Sak field and about $100 mm on miscellaneous projects.Some of the spending plans depended on approval from Arco's North Slope partners. Arco's exploration plans include additional drilling on leases near the Alpine. Targeted are leases held by Arco's Alpine partners, Anadarko Petroleum and Union Texas Petroleum. The Alpine accumulation, 250 mm to 300 mm recoverable barrels, was unveiled in October. The field is located in the Colville River delta, just over the western border of the 23 mm acre National Petroleum Reserve-Alaska. Arco Alaska plans seismic tests in the petroleum reserve and, if the area is opened to drilling, may seek new funds for further exploration there.

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