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Walker's Permanent Fund plan, not 'attractive' enough

The sting of rejection


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Dynamic duo. The state and ConocoPhillips have signed an agreement to negotiate the buying and selling of North Slope natural gas to utilities outside Alaska. Walker said he was pleased with the development. "ConocoPhillips has played an integral role in developing our state's gas reserves, and has been shipping LNG from Nikiski to Japan markets for over 40 years – the longest such contract in LNG history. This joint venture will provide new opportunities to develop our LNG resources for a global market."

 

ExxonMobil and BP will also be invited into the joint venture, according to a statement from the Alaska Gasline Development Corp., the state corporation that represents Alaska in the $55 billion Alaska LNG project.

 

The sting of rejection. The Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state, viewing the idea as not an "attractive investment opportunity." Craig Richards presented the concept as a potential money-making opportunity for the fund without hurting a state that's already on the hook for paying hundreds of millions of dollars for the tax credits.

 

President Vladimir Putin officially launched production at East Messoyakha, the northernmost field on the Russian mainland. Along with the nearby West Messoyakha, the field holds more than 470 million tons of extractable oil and 188 billion cubic meters of natural gas. It is connected with the 485-kilometer-long (about 300-mile-long) new Zapolyarye-Purne pipeline, built and owned by Transneft, the state-owned oil pipeline company.

 

Casino Mining Corp., a subsidiary of Western Copper and Gold (TSX:WRN), and Selwyn Chihong Mining Ltd., have signed a memorandum of understanding with Calgary-based Ferus Natural Gas Fuels Inc. to build an LNG plant in Fort Nelson. The plant would supply LNG to new mines the companies are developing: The Casino copper-gold mine in the Yukon and Selwyn's zinc-lead mine, which straddles the Yukon-Northwest Territories.

 

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First Reads

State and ConocoPhillips team up for push to market Alaska LNG
Alaska Dispatch News, Alex DeMarban, September 21, 2016

Alaska Permanent Fund board rejects idea of investing in oil-tax credits
Alaska Dispatch News, Alex DeMarban, September 21, 2016

Pumps starting at Russia's northernmost oil field
The independent Barents Observer, Atle Staalesen, September 20, 2016

Mining companies to build LNG plant in Fort Nelson
Alaska Highway News, Nelson Bennett, September 20, 2016

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