As a result of our land entitlement under the Alaska Native Claims Settlement Act (ANCSA), ASRC owns nearly 5 million acres on the North Slope of Alaska, the largest hydrocarbon province in North America.
ASRC has a significant royalty position in the Colville River Unit (CRU), home of the Alpine oil field, one of the largest oil fields on the North Slope. Alpine field production peaked seven years ago, but CRU satellite developments have helped slow the rate of decline. These satellites now account for nearly a quarter of the oil production at the Alpine site.
Production started in the fourth quarter of 2015 from the new CD-5 drill site. The CD-5 site is located to access both the Nanuq Kuparuk and the Alpine Participating Areas. Additionally, in late 2015 the Bureau of Land Management issued the remaining outstanding permits providing for development of the Greater Mooses Tooth 1 (GMT1) development. ASRC is the majority subsurface owner for the initial GMT1 development located eight miles west of CD-5.