Exxon Mobil says it has begun drilling at Alaska's Point Thomson oil and gas field.
Patrick McGinn, a company spokesman, says drilling operations were launched Friday.
In February, Exxon returned eight of its Point Thomson leases that were part of 13 added to the field in 2002. Exxon had promised to drill wells and begin producing oil within four years, but no drilling occurred.
The state has been fighting with the Irving, Texas based oil giant and other lease holders over the lack of progress there.
Alaska officials have tried to cancel the leases, but in January it did allow Exxon to drill on two leases after the company said it would start production within five years.
How do you feel about big oil being pressured to use their leases or risk losing them? Feel free to leave a comment, our readers want to know what you think!
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2 comments:
"How do you feel about big oil being pressured to use their leases or risk losing them?"
Pretty good actually. Oil recently had record high prices, but Exxon wasn't drilling? Why?
Shades of Cheney's energy task force?
This will come back to bite Exxon, we could dispute the controversy of weather or not to force oil companies into a "use it or lose it" situation, it is no secret that Exxon has lagged the whole industry in exploration and drilling. Long term share holders should be concerned. Most in the industry are looking for Exxon to start gobbling up smaller companies that have been putting in the work. ????
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