Alaska’s Oil Renaissance

OilPrice.com | 8/23/2018 | Staff
bethtetleybethtetley (Posted by) Level 4
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The impending oil renaissance in Alaska’s North Slope is going to be even more massive than previously projected. The oil lurking under the surface of the historically oil rich region is enough to turn the state’s economy around and reinstate it as a major player in the oil industry, according to new research from IHS Markit, a London-based global information and analytics provider. The study shows that the North Slope’s crude output could increase by as much as a whopping 40 percent in the next eight years, more than regaining its place as one of the major powerhouses of the United States.

The North Slope region, previously considered as a mature basin, is now being touted in the media as the once and future “super-basin” thanks to an estimated 38 billion barrels of oil equivalent (BOE) in remaining recoverable resources. The report IHS Markit Plays and Basins: Alaska North Slope (ANS) Basin; Resurgence in an Arrested, Late-emerging Super Basin analysis cites that 50 trillion cubic feet (TCF) of gas, and 28 billion barrels of oil remain untapped. IHA Markit has predicted that the estimated total ultimate recovery (EUR), the sum of the remaining resources and the 16.8 billion barrels extracted up to this point, for the North Slope Basin is a staggering 54.8 billion BOE.

North - Slope - Attraction - Figures - Region

The North Slope attraction does not end with these stunning figures--the region now has fewer bureaucratic barriers to begin exploration for operators, making it more competitive, and recent advancement in drilling technologies will make extraction more efficient and cost-effective than ever.

At this time last year Oilprice was already reporting on a coming...
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