OTHER NEWS - Oct. 3, 1996

Oil Companies Will Develop Major Field: A trio of companies plan to jointly develop the oil field on Alaska’s North Slope. Atlantic Richfield Co.’s Arco Alaska Inc., Anadarko Petroleum Corp. and Union Texas Petroleum said they expect to spend up to $800 million over the next four years to develop Alpine, a 10-mile-long, 40,000-acre field 34 miles west of Kuparuk. Construction and development of the field will begin late next year or early in 1998, pending receipt of permits. The oil field is expected to start producing 30,000 barrels of oil a day in 2000. Arco owns 56% of the partnership, with Anadarko and Union Texas each holding 22%.