ASRC, North Slope Village, Shell announce offshore Alaska venture

Aug. 5, 2014

Arctic Slope Regional Corp. and six North Slope village corporations have joined to create a company known as the Arctic Inupiat Offshore LLC.

Offshore staff

ANCHORAGE, Alaska – Arctic Slope Regional Corp. (ASRC) and six North Slope village corporations have joined to create a company known as the Arctic Inupiat Offshore LLC (AIO). AIO and Shell Gulf of Mexico Inc. have entered a binding agreement that allows AIO the option to acquire an interest in Shell’s acreage and activities on its Chukchi Sea leases. This interest will be managed by AIO.

AIO members include ASRC, Ukpeaġik Inupiat Corp., Tikigaq Corp., Olgoonik Corp., Kaktovik Inupiat Corp., Atqasuk Corp., and Nunamiut Corp. These corporations represent the communities of Barrow, Point Hope, Wainwright, Kaktovik, Atqasuk, and Anaktuvuk Pass.

Rex A. Rock Sr., president and CEO for ASRC, will also serve as the president for AIO. Ukpeaġik Inupiat Corp. president and CEO, Anthony E. Edwardsen, will serve as chairman. Sayers Tuzroyluk, chairman of the board of Tikigaq Corp., will be the secretary and treasurer of AIO.

Through this option agreement, Shell would assign to AIO an overriding royalty interest in oil and gas produced from specific Chukchi Sea leases. In addition, AIO would have the option to participate in project activities by acquiring a working interest at the time Shell makes the decision to proceed with development and production.

Shell and AIO will hold quarterly meetings to exchange information and address regional and development issues.

08/05/2014