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Tourism Surges While Oil Prices Flounder

Morning Headlamp, November 1, 2016


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Australia's 88 Energy Ltd. said the design for a well that will target an untested liquids-rich shale play in the onshore North Slope of Alaska has been revised from a lateral to vertical completion, and will be subject to multi-stage stimulation and subsequent flow test. 88 Energy said the design for the Icewine No. 2 well had been changed during the third quarter, and will be spud on schedule during 1Q2017. The well, part of a joint venture (JV) between the junior explorer and Houston-based Burgundy Xploration LLC, will target the Brookian Formation, which is adjacent to the Prudhoe Bay reservoir.

 

Come one come all. The number of tourists visiting Alaska continued climbing in 2016, according to preliminary numbers. But industry leaders say a drop in state support for marketing could hurt visitor businesses. Any optimism however was tempered by the effect of the state's ongoing financial woes, which are tied to the oil industry. Headlamp is thrilled Alaska had another banner year for tourism. However, most Alaskans know that without a vibrant oil & gas industry, which requires a healthy investment climate, our whole state struggles. Local businesses see declines in revenue, and worry about higher taxes when the state faces budget deficits. We'll repeat it again: more oil in the pipeline helps all Alaskans, and that should be a focus for all policy makers.

 

Earlier this week, Tourmaline Oil Corp. (TSX:TOU), an Alberta oil and gas company, announced it had struck a deal with Shell to acquire $1.4 billion worth of its natural gas assets in Alberta's Deep Basin and in Northeastern B.C.'s Montney formation. The assets in B.C. are sizeable – 220,000 acres of gas leases – much of it undeveloped. "Shell is still quite keen on the Montney," said Wood Mackenzie analyst Michael Hebert. "They still have over 200,000 acres in the Montney, so they can provide any kind of feedstock for LNG in the future."

 

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First Reads

Shell sells some swell wells
Alaska Highway News, Nelson Bennett, October 31, 2016

Alaska tourism numbers up but leaders wary of less marketing
Fairbanks Daily News Miner, October 31, 2016

Native Americans Join Coalition Seeking Federal Leases for Oil and Gas Production at Alaska's North Slope
CNS News, Penny Star, October 31, 2016

88 Energy Secures Funding, Redesigns Onshore Alaska Shale Oil Well
Natural Gas Intel, Charlie Passut, October 31, 2016

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