Wec Presentation Senator McGuire
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Wec Presentation Senator McGuire

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Senator Lesil McGuire presents to the World Energy Council. September 14, 2010

Senator Lesil McGuire presents to the World Energy Council. September 14, 2010

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Wec Presentation Senator McGuire Wec Presentation Senator McGuire Presentation Transcript

  • The Future of Oil Development in Alaska Alaska State Senator Lesil McGuire
  • A brief history of oil development in Alaska.  1889 First exploration wells are drilled at Oil Bay in the Cook Inlet.  1911 The first commercial development of oil occurs at the Katalla field.  1957 Richfield Oil Company discovers oil at the Swanson River.  1968 Prudhoe Bay, the largest oil field in North America is discovered on the North Slope of Alaska.  1970 Cook Inlet Production peaks at 225,000 barrels per day.  1971 Congress passes the Alaska Native Claims Settlement Act (ANCSA).  1973 Vice-President Agnew casts the tie breaking vote authorizing construction of the Trans-Alaska Pipeline.  1984 Mukluk, the most expensive dry hole in American history, is abandoned in the Beaufort Sea.  1988 Production from Alaska’s North Slope peaks at 2.1 million bpd.  1989 The Exxon Valdez runs aground on Bligh Reef in Prince William Sound.  2005 The 15 billionth barrel passes through the Trans-Alaska Pipeline.  2008 Federal OCS lease sale in the Chukchi sea breaks records at $2.6 billion.
  • Infrastructure + Workforce + Reserves = Alaska’s Advantage.  Current Production 647,000 bpd.  13,000 direct jobs.  Estimated Reserves:  30 billion barrels of conventional crude oil (includes OCS).  20 billion barrels of heavy oil.  132 trillion cubic feet of conventional natural gas.  590 trillion cubic feet of methane hydrates.
  • “Active” Leases in the Federal OCS
  • Exploration in the OCS isn’t new.
  • Logistics + Permitting + Stakeholders = Alaska’s Challenges  High operating costs.  Federal moratoria.  Endangered species.  Diverse interest groups.  Litigation.  Permitting delays.
  • A Promising Future…………….or? North Slope Oil Production North Slope Oil Production Without OCS Development. With OCS Development.
  • State Policy Initiatives  Exploration and development incentives.  Production Tax credits that can be monetized immediately.  Between 20%-40% of expenditures.  Alaska Gasline Inducement Act (AGIA)  $500 million in State funds for licensed project sponsor (TransCanada & Exxon).  Northern Waters Task Force (AK Legislature)  Stakeholder engagement.
  • Contact Information Senator Lesil McGuire 716 W. 4th Avenue, Suite 430 Anchorage, Alaska 99501 Senator_Lesil_McGuire@legis.state.ak.us Phone: 907-269-0250 Fax: 907-269-0249