Houston-based upstream oil company Hilcorp Energy will take over operations of Point Thomson field in Alaska from ExxonMobil. Exxon spokeswoman Julie King said the company has agreed to transfer the operator position to Hilcorp. Under the deal, Exxon will continue to own the majority of the field with a more than 60% stake. The change in operatorship is expected by early next year.
Point Thomson is the easternmost field in Alaska’s North Slope. It is estimated to hold about 8 Tcf of known gas resources, roughly a quarter of the total known resources in the North Slope. According to Exxon’s document submitted to the state, Point Thomson produced an average of 8,300 barrels of liquids between January 2020 to July 2021.
Crude production in Alaska has been dwindling in recent decades. Last year it fell to 448,000 bpd, the lowest since 1976. Meanwhile, the state’s marketed natural gas production plunged from a record 1.5 bcfd in 1994 to around 0.9 bcfd in 2020. The decline has prompted oil majors to exit the state. BP sold its Alaskan assets to Hilcorp in 2014 and 2020, including its 32% stake in Point Thomson and 26% share of Prudhoe Bay.
