Morning Headlamp — 2024 here we come!

Down under up North. According to the Alaska Journal of Commerce, Australia-based 88 Energy Ltd. said in an Oct. 18 release that it has identified five conventional “leads” on its Slope leases that could hold 758 million barrels of recoverable oil. 88 Energy is the majority owner in the Icewine project, a continuous tract of 271,000 acres of state leases about 35 miles south of Deadhorse bisected by the Dalton Highway. “We expect the two recent billion-barrel discoveries in the Brookian sequence by both Armstrong Oil and Gas and Caelus Energy to be a catalyst for increased industry interest in the region,” 88 Energy Managing Director David Wall said. “Whilst not strictly analogous to the Brookian play potential at project Icewine, these discoveries highlight the significant conventional oil resource on the North Slope yet to be discovered through utilization of modern seismic technology.”

The number of jobs in the state during a 10-year period, 2014-2024 is predicted to grow by 5.8 percent, according to a report released this month by the Alaska Department of Labor and Workforce Development. A previous report that made predictions for 2012 through 2022 forecast 10 percent growth in employment. In heavy and civil construction on oil and gas pipelines and related projects, jobs are expected to drop a staggering 39 percent, the report said. Even if that happens, employment in the sector would still be “slightly above its 25-year average.”

 

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First Reads

Oil prospect gets even bigger
Alaska Journal of Commerce, Elwood Brehmer, October 20, 2016

Here’s how Alaska’s jobs picture is expected to change by 2024
Alaska Dispatch News, Annie Zak, October 20, 2016

Nikiski residents face uncertainty over Alaska gas project
Associated Press, Becky Bohrer, October 20, 2016

Clinton’s Trade Comments – LNG Without Borders?
Oil Pro, October 20, 2016

Hilcorp Alaska fined again by oil-well regulators
Alaska Dispatch News, Alex DeMArban, October 20, 2016