Exxon Loses Damages Claim Against Alaska

Law360, New York (May 11, 2007, 12:00 AM EDT) -- The Alaska Department of Natural Resources will not have to pay Exxon Mobil Corp. any damages for cancelling its leases on major oil and gas fields that had remained undeveloped for over thirty years.

Alaska Superior Court Judge Peter A. Michalski dismissed Exxon’s demand for financial compensation from the state on Tuesday.

Point Thomson, the North Slope of Alaska’s second-largest natural gas field after Prudhoe Bay, is estimated to hold about 9 trillion cubic feet of gas reserves—more than a quarter of all the gas in...
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