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IN BRIEF / ENERGY

Phillips Finds New Alaska Oil Sources

May 22, 2001|Reuters

Phillips Petroleum said it has found what it believes are commercial quantities of oil and gas in three separate accumulations in a federal reserve on Alaska's North Slope. The discoveries, if confirmed, would be the first commercial finds in the 23-million-acre reserve, which was established 78 years ago by President Warren Harding as a potential oil source for the nation's military forces.

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