All publications by tag «ALASKA»
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
API welcomed legislation that would allow for safe and responsible natural gas and oil development in a small non-wilderness portion of Alaska’s Arctic National Wildlife Refuge (ANWR). The legislation was released by the Senate Energy and Natural Resources Committee to be included as part of the budget reconciliation bill.
“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”
The pullout comes as crude oil prices have plummeted to less than half their June 2014 levels, forcing oil companies to slash spending. For Shell and ConocoPhillips, the decision to abandon Arctic acreage was formalized just before a May 1 due date to pay the U.S. government millions of dollars in rent to keep holdings in the Chukchi Sea north of Alaska.
Statoil ASA announced that it will vacate leases it holds in the Chukchi Sea off Alaska and close its office in Anchorage because they are no longer competitive. Its Nov. 17 action came after Shell Offshore Co. made a similar move with its Alaska federal offshore leases for the same reason.
The oil giant is to halt drilling at the Burger J well in the US Arctic, saying it can't justify the expense due to low oil prices. Shell only won the controversial permission to explore the icy waters last month.
Shell will conduct its drilling in 140 ft of water about 70 miles northwest of the Alaskan village of Wainwright using the M/V Noble Discoverer drillship and Transocean Ltd.’s Polar Pioneer semisubmersible drilling unit, with each vessel providing relief-well capability for the other. The two drilling rigs and their supporting vessels will depart the Chukchi Sea at the conclusion of each exploration drilling season.
Arctic exploration is worth the risk. Exxon has decades of experience working in that part of the world, including successful projects in Russia — but also a catastrophic oil spill in Alaska’s Prince William Sound when the Exxon Valdez oil tanker ran aground in 1989.
The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, an Energy Department advisory council says in a study submitted Friday.
Alaska Lures Back Big Oil With Big Tax Breaks