Pushing for larger share of offshore oil and gas revenues Alaska’s Senator Lisa Murkowski put forward new legislation last week that hopes to bring more revenue from oil and natural gas production on Alaska’s outer continental shelf (OCS) back to the state. The bill, S. 1278, will “ensure revenue sharing for the state and coastal communities and invest in the
Shell exec has eyes set to the North Royal Dutch Shell (ticker: RDSA) is preparing to return to the Arctic and begin exploring for the first time since 2012, according to Chief Financial Officer Simon Henry. Henry said the oil major is preparing “an armada of 25 vessels” to begin a two-year program to explore two to three wells in
State’s Permanent Fund Pays Annual Cash Dividend to All Residents The 49th state has its perks. All Alaskans get an annual dividend check from the state. In 2014 their checks were $16 shy of $1,900 per resident. Residents can thank their state for the royalties generated by oil and gas production on state lands that go into The Alaska Permanent Fund, established in
An OAG360® Exclusive: Interview with Alaska Governor Bill Walker Listen to the interview Alaska’s North Slope has produced more than 17 billion barrels of oil since the discovery of the Prudhoe Bay oil field in 1968, when Arco’s Prudhoe Bay State No. 1 exploratory well produced oil at a maximum test rate of 2,415 barrels per day. Prudhoe Bay is
The Obama Administration’s announcement of plans to expand protection in ANWR is a ‘declaration of war’ says Alaskan Congresswoman The White House released a revised Comprehensive Conservation Plan Sunday, which will designate 12.28 million acres in Alaska’s Arctic National Wildlife Refuge (ANWR) as wilderness. The new designation would mean that no new drilling could take place in the region. The
Alaska’s LNG “gigaproject” moving forward despite low prices While many liquid natural gas (LNG) projects are being put on the back burner due to the low oil price environment, the Alaska LNG project continues to march on. The project, which is being developed by a partnership including energy majors BP (ticker: BP), ExxonMobil (ticker: XOM), ConocoPhillips (ticker: COP) and TransCanada
Alaska’s revenue forecast, released Wednesday, predicts a deficit of $3.5 billion, an increase of $2.1 billion from what lawmakers expected in April. The forecast expects unrestricted general fund revenue of $2.6 billion this year, down from $5.4 billion in 2014, reports Fox Business. That, combined with about $200 million in anticipated supplemental budget items like oil and gas credits, accounts
Alaska Gasline Development Corporation (AGDC) and affiliates of ExxonMobil (ticker: XOM), TransCanada (ticker: TRP), BP (ticker: BP) and ConocoPhillips (ticker: COP) filed a FERC pre-filing request, effectively launching the early design phases of their Alaska LNG Project, an estimated $65 billion, 20 MM metric ton LNG facility, to be built in the Nikiski area on the Kenai Peninsula. Concurrently, Russia’s
If 35% Flat Tax Is Repealed, Higher Production Taxes Could Again Slow Oil and Gas Development On August 19, Alaskan citizens will vote on a ballot that determines the taxing fate of the oil and gas production companies working in the state. The vote will happen at the same time as the primary elections. Last year, the Alaskan Senate passed
Miller Energy Resources, Inc. (ticker: MILL) is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller’s focus is in Cook Inlet, Alaska and in the heart of Tennessee’s Appalachian Basin. Miller Energy reported company revenue and production records in its Q2’14 earnings release on December 10, 2013. Year-over-year
Pioneer Natural Resources Company (ticker: PXD) is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. Pioneer is one of the most active drillers in Texas’ Spraberry/Wolfcamp oil field in the Permian Basin and the Eagle Ford Shale play in South Texas. Its natural gas operations focus on the
