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OPEC to reduce output, Alaska stands to benefit

Morning Headlamp, Sept. 29


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Out of Algiers, two sources in the Organization of the Petroleum Exporting Countries (OPEC) said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd. "We don't know yet who's going to produce what. I want to hear from the mouth of the Iranian oil minister that he's not going to go back to pre-sanction levels. For the Saudis, it just goes against the conventional wisdom of what they've been saying," said Jeff Quigley, director of energy markets at Houston-based Stratas Advisors. As optimistic news trickles in from abroad, hopefully this helps ease the global low-price environment.

 

Founder and CEO of Houston-based Burgundy Xploration Paul Basinski said he and his partner in the Icewine project, Australia-based 88 Energy Ltd., expect to drill an appraisal well early next year to delineate exactly what is underneath their southern Slope acreage. Basinski, who spoke Sept. 20 to the Alaska Oil and Gas Congress in Anchorage, is confident in the initial results from Icewine No. 1, the first well the company's drilled last fall.

 

Here to stay. Kara Moriarty, president and CEO of the Alaska Oil and Gas Association, addressed the weekly meeting of the Greater Wasilla Chamber of Commerce Tuesday. Her presentation sought to dispel what she said were myths about one of the state's largest employers, specifically with regard to output, tax credits and the future of liquefied natural gas. "I know a lot of policymakers have said we need to shift away from oil and move to other sources of energy, but the fact is Alaska has a lot of oil left," Moriarty said. "In the existing North Slope fields and on state land we think there's about five billion barrels left. We have produced 17 billion barrels and counting."

 

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First Reads

OPEC reaches 1st deal since 2008 to cut oil output
Alaska Dispatch News, September 27, 2016

Partners will drill at Icewine in 2017
Alaska Journal of Commerce, Elwood Brehmer, September 28, 2016

Far from the 'last days' of oil
Mat-Su Valley Frontiersman, Steven Merritt, September 27, 2016

Former attorney general Richards gets a 2nd contract with Alaska Department of Law
Alaska Dispatch News, Nathaniel Herz, September 27, 2016

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