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Energy groups in Alaska and beyond blasted the Biden administration for suspending long-sought oil and gas leases in the Arctic National Wildlife Refuge (ANWR) this week pending review.
How COVID-19 Prompted Oil Search to Pivot at Pikka
Formed nearly a century ago, Papua New Guinea-based Oil Search entered Alaska’s oil and gas scene in 2018 with a $400 million purchase of North Slope oil leases from Armstrong Energy and GMT Exploration. The purchase included interests in the Nanushuk oil field in the Pikka Unit, one of the largest conventional US oil discoveries in thirty years, and the Horseshoe block.
“We entered into Alaska for new growth and to diversify our operations, both geographically and for a mix of oil and gas production,” Executive Vice President of Alaska Bruce Dingeman told attendees at the Alaska Support Industry Alliance’s Meet Alaska conference in March.
Crude oil production in Alaska has fallen to its lowest level of production in 44 years. According to the Energy Information Administration (EIA), a statistical office that collects, analyzes and [.]
Alaska oil industry still reeling from pandemic crash even as prices recover Published 1 hour ago
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Print article The price of North Slope crude largely recovered months ago from the unprecedented fall it took a year ago, but if a recovery is also going to occur in Alaska’s oil workforce it has yet to materialize. Preliminary employment data for March from the state Labor Department indicates the industry is continuing in the other direction. Approximately 6,300 people were employed in the state’s oil and gas sector last month, which was in line with February but did not reverse a declining trend that has persisted since the start of the pandemic.