The state of Alaska has reached a settlement with Exxon Mobil Corp
The settlement resolves lease control at the Point Thomson field, about 60 miles east of Prudhoe Bay.
In exchange for continued lease control, operator Exxon Mobil and partners BP and ConocoPhillips have agreed to build a pipeline from the field to deliver 70,000 barrels a day of liquids into the Trans Alaska Pipeline System.
The settlement also calls for the companies to produce 10,000 barrels per day of natural-gas condensates by the winter of 2015-16, state officials said. Alaska's resources will be produced from Point Thomson rather than remaining locked underground, Parnell said at a news conference in Anchorage.
(Reporting By Yereth Rosen; editing by Mark Porter)