JUNEAU, Alaska - The state of Alaska plans to strip oil companies of their leases on the Point Thomson oil and gas field after finding the primary lease holder, Exxon Mobil Corp., failed to come up with a viable plan for developing the field's vast reserves.
Gov. Frank Murkowski, alongside Natural Resources Commissioner Mike Menge, announced the decision at a news conference in Anchorage on Monday, just one week shy of the end of his administration.
Murkowski said Exxon Mobil, despite being granted numerous extensions over several decades, failed to make good on its obligations as operator of the field.
Other oil companies being stripped of their leases include …
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