Tag: Alaska Oil
ConocoPhillips draws crude from Alaska reserve set aside in 1923
ConocoPhillips worked with Alaska Natives on project NUIQSUT, Alaska _ Rising from the edgeless, wind-scoured, snow-covered tundra on Alaska’s North Slope lies a million-pound drilling rig pulling the first commercial oil from a reserve set aside nearly a century ago. ConocoPhillips is the first oil company to draw crude from the National Petroleum Reserve-Alaska, an area […]
North Slope oil project to be reviewed by Army Corps of Engineers
Repsol’s Nanushuk project on Alaska’s North Slope ANCHORAGE, Alaska _ A federal agency will conduct an environmental assessment of a Spanish company’s plans to develop what it says could be a significant oil field on Alaska’s North Slope. The U.S. Army Corps of Engineers announced last week that it will prepare an environmental impact statement […]
Hilcorp looks to build Liberty Project off north coast of Alaska
Liberty Project under review by US Bureau of Ocean Energy Management ANCHORAGE, Alaska _ Arctic offshore drilling by Royal Dutch Shell PLC drew protests on two continents this year, but a more modest proposal for extracting petroleum where polar bears roam has moved forward with much less attention. While Shell proposed exploratory wells in the […]
Alaska budget: Governor proposes first income tax in 35 years
Low oil prices severely impact Alaska budget JUNEAU, Alaska _ Alaska Gov. Bill Walker is proposing instituting a personal income tax for the first time in 35 years as the oil-dependent state looks to plug a multibillion-dollar budget deficit amid chronically low prices. In laying out his budget plan Wednesday, Walker also proposed using the fund […]
Alaska revenue forecast drops drastically due to low oil prices
Alaska revenue forecast drops from $2.6B in 2013 to $172M this year JUNEAU, Alaska _ The state of Alaska is projecting revenue from oil and gas production taxes at $172 million this year, a dramatic drop from two years ago when production taxes totalled $2.6 billion. Continued low oil prices contributed to the decline. “Nobody’s […]
Shell Arctic offshore drilling cancellation could be devastating for Alaska
Shell Arctic offshore drilling plan pulled due to poor results ANCHORAGE, Alaska – Royal Dutch Shell’s dry hole in the Chukchi Sea may be disappointing to shareholders, but it’s potentially devastating to Alaska. The company’s decision to end oil exploration in offshore Alaska for the foreseeable future means the state must find another source to fill the […]
Alaska oil dividend payout $2,072 for every resident
Alaska oil dividend comes from permanent fund separate account ANCHORAGE, Alaska – Oil prices are so low, they’re hovering at benchmarks not seen in years, plunging oil-dependent Alaska into a crippling budget deficit. But the industry’s woes won’t affect the payout from the state’s oil investment account to Alaskans even though state government has been scrambling […]
Progress made in Shell Arctic offshore drilling: Shell President
Shell Arctic offshore drilling to confirm massive oil field ANCHORAGE, Alaska – The president of Shell Oil Co. says exploratory drilling off Alaska’s northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days. Marvin Odum told The Associated Press safety will be the overriding determinant of […]
OPEC, Russia considering talks to stabilize global oil prices
Both OPEC and Russia emphasized they do not want to bear brunt of production cuts OPEC and Russia appear ready to discuss efforts to stabilize global oil prices, though both parties are downplaying significant production cuts. “Russia’s energy minister Alexander Novak [earlier] held consultations and took part in OPEC oil ministers’ meetings. If there is an […]
Shell applies to drill into deep US Arctic waters petroleum zones with icebreaker fixed
Shell initially denied access petroleum zones 8,000 feet below ocean floor ANCHORAGE, Alaska – With a key safety vessel repaired and in northern waters, Royal Dutch Shell PLC has applied to amend its federal exploratory drilling permit to allow drilling into oil-bearing rock in the Arctic Ocean off Alaska’s northwest coast. Shell last month received permission to begin some […]
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