Alaska Cook Inlet round draws buyers

Cook inlet round: Buyers line up for acreage

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By Noah Brenner

 17 May 2012 19:20 GMT

Alaska saw strong industry interest at its latest lease auction for acreage in the in Cook Inlet area.

In total, state officials received 52 bids from five companies for 44 separate tracts and awarded about 198,000 acres.

With $6.8 million in total high bids, the sale was the second largest on record, according to preliminary state figures.

Bidders ranged from major players like Apache and privately held Hilcorp, to smaller outfits such as Australian explorer Buccaneer Energy, Cook Inlet Energy and private investor William Crawford.

The state of Alaska has offered a variety of tax incentives to lure players back into Cook Inlet, including waiving the state tax on oil production and capping the tax on…

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