Alaska Upstream: 2014 in review Report

Insight 02 February 2015

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Report summary

Independents led the six-fold increase in signature bonuses across Alaska. Excluding the 2008 federal Chukchi Sea lease sale, 2014 bonuses were the highest in over a decade. The Central Arctic lease sale accounted for over 80% of the total, attracting US$55 million in bonuses. We believe increased certainty about the state's oil-tax regime and newly-commissioned infrastructure in the eastern North Slope spurred additional interest.

Executive Summary
Alaska leasing
- Independents drive leasing in Central Arctic, Beaufort Sea
  - Alaska 2014 lease sales
- Cook Inlet leasing holds steady
  - Acreage awarded and total signature bonuses in Alaska, 2005-2014
  - Alaska exploration
    - Exploration wells completed in Alaska, 2002-2014
  - Development highlights and other noteworthy events
    - SB 21 to remain in place
    - Liberty development plan submitted to BOEM
    - Shell to return to the Chukchi
    - Point Thomson
    - Alaska LNG
    - Hilcorp, Miller enter North Slope
    - Forward view: upside potential to base case despite prevailing oil prices
      - North Slope base case production, capital spend, 2015-2030