State oil lease sale on Alaska's North Slope sets bid record

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This year is a record one for the Alaska Department of Natural Resource's fall competitive oil and gas lease sale. According to Chantal Walsh, director of the state's Division of Oil and Gas, the state saw the highest average dollar price per acre on bids in Alaska's North Slope area since the state began sales in 1998. 

On Wednesday, the average bid per acre was $110, compared to $99.86 in 1998, according to Walsh.

"We're overwhelmed by the amount of bids that came in, duplicative on leases, that really drove the price of the leasing up and it was very exciting," said Walsh. "I think the new releases of finds on the North Slope are being recognized ,and people are excited about them and interested in leasing. It's the start of a process, and we couldn't be happier with the results of today."

State oil lease sale on Alaska's North Slope sets bid record

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