Connect with us

Alaska

Alaska’s Untapped Oil Wealth Is Still Struggling to Find Investors | OilPrice.com

Published

on

Alaska’s Untapped Oil Wealth Is Still Struggling to Find Investors | OilPrice.com


Alaskan oil and gas production has always been a complicated issue, as energy companies want to tap the region’s vast reserves and environmentalists fear irreparable damage to the vulnerable ecosystem. The Biden administration introduced far-reaching protections in Alaska, aimed at preventing new oil and gas exploration and protecting the environment and wildlife. However, since President Trump came into office last year, he has encouraged new fossil fuel development in the region. Yet the response to the most recent energy auction suggests that energy companies remain hesitant to develop oil and gas operations in the Arctic. 

Alaska’s oil production has fallen from a peak of around 2 million barrels per day in the 1980s to less than 430,000 bpd today, with production continuously declining since the early 1990s. In 2024, then-President Biden announced plans to restrict new oil and gas leasing on 13 million acres of a federal petroleum reserve in Alaska to protect wildlife endemic to the region. This marked a shift in direction after the Biden administration approved the $8 billion Willow Project by ConocoPhillips on Alaska’s remote North Slope in 2023.

However, in December 2025, Congress voted to repeal the Biden-era policy in a bid to restore leasing to the full Coastal Plain in support of President Donald Trump’s pledge to boost domestic energy development. Trump has aimed to accelerate Alaska’s oil output as part of his energy-dominance agenda. Upon his inauguration as president last January, Trump signed an executive order aimed at attracting investment to develop the state’s oil and gas.

Recent tests of the region bore positive results for energy firms looking to develop Alaska’s untapped oil reserves. Over the last year, confidence in the region has improved in response to Trump’s favourable policies on fossil fuel development and supporting regulatory changes. ConocoPhillips’ CEO, Ryan Lance, stated in April, “It feels like a bit of the Alaska renaissance.”

Advertisement

ConocoPhillips, Shell, ExxonMobil, Santos, and seven other firms set a record in March by bidding nearly $164 million at a federal auction for oil and gas leases within the National Petroleum Reserve in Alaska (NPRA). This demonstrated the willingness of oil majors Shell and Exxon to return to the region.

However, the auction of oil leases in Alaska’s remote Arctic National Wildlife Refuge (ANWR) in June ended with just nine bids, covering just about 10 per cent of the available land. This undermined Trump’s claims of significant investor interest in the region. The auction attracted $3.7 million in bids, almost half of which came from the state of Alaska’s publicly owned economic development corporation, while no international oil firms offered bids.

This follows a trend seen in President Trump’s first term in office, during which time Congress mandated auctions in the region drew little interest. The few leases that were sold were overturned by the Biden administration. This back-and-forth has, unsurprisingly, harmed investor certainty in the region. 

However, the severe volatility in oil and gas prices in recent months, owing to ongoing geopolitical challenges, was expected to spur greater investor interest in new operations. The managing director of research firm ClearView Energy Partners, Kevin Book, stated, “We’re in the middle of a massive supply shortfall, and if there was ever a time to look past political and reputational risks, it would be now.” 

Yet only two companies – the state-owned economic development corporation, the Alaska Industrial Development and Export Authority, and Alaska-based Hex L.L.C. – bid in the auction, with bids covering around 70,000 acres of the 689,000 acres on offer. Several reasons were offered for the lack of interest, including the complicated logistics of drilling in remote Alaska and the potential for the next U.S. government to change drilling policies in the region. 

Advertisement

Senator Edward Markey and Representative Jared Huffman, both of whom sit on environmental committees in Congress, said the results were “an embarrassment for the Trump administration.” In a joint statement, the two congressmen labelled the auction “an insult to our entire country, by sacrificing and selling off America’s public lands for pennies on the dollar.”

While the ANWR is believed to contain around 11.8 billion barrels of recoverable oil, according to the U.S. Geological Survey, the region also has great environmental importance. The ANWR, which has no roads or facilities, is a critical home to migratory and resident wildlife, including North American bears, caribou, and wolverines. In addition, over 200 bird species flock there to nest. 

Bobby McEnaney, the director of the NGO the Natural Resources Defence Council, explained, “Drilling in the Arctic Refuge is reckless, and the market keeps confirming it.” McEnaney added, “This is the third lease sale in a row to be a bust, with major oil companies sitting it out. The government spent public money to hold an auction no major company showed up for, and that tells you everything you need to know about the economics here. It is a remote, fragile landscape that is expensive to drill and risky to bet on.”

By Felicity Bradstock for Oilprice.com

More Top Reads From Oilprice.com

Advertisement





Source link

Alaska

Alaska’s David Norris makes it 7 wins in 7 starts at Mount Marathon

Published

on

Alaska’s David Norris makes it 7 wins in 7 starts at Mount Marathon


David Norris nears the top of Mount Marathon on Saturday, July 4, during the annual race in Seward. Norris claimed his seventh title with a time of 43 minutes, 8 seconds. (Loren Holmes for ADN)

SEWARD — When David Norris moved to Colorado a few years ago, he figured his career as an elite athlete was more or less over.

Norris, a Fairbanksan who trained as a world-class cross country skier for more than a decade, took a job coaching for the Steamboat Springs Winter Sports Club.

But somehow he has only managed to improve.

Norris won the Mount Marathon men’s race on Saturday, his seventh victory in seven races — putting him just one win off the all-time men’s mark of eight set by the legendary Bill Spencer.

Advertisement

What little bit Norris may have lost physically, he’s made up for with an alloy of balance and gratitude that continues to motivate him at age 35.

“I view myself as fortunate for sure,” he said. “When I moved to Colorado, that was sort of like me thinking I was done competing.

“I’m a full-time banker now, but I think I have time in my life to prioritize exercise, and my wife and I like to do it together. … It’s what I love to do, and so having races is just like little extra inspiration.”

Racers climb Mount Marathon on Saturday, July 4 during the annual race in Seward. (Loren Holmes for ADN)
Racers descend the gully during the Mount Marathon Race on Saturday, July 4. (Loren Holmes for ADN)

As rain and mist traded punches on the field, the route to the peak was slick and unpredictable.

But Norris used the same approach that helped him win the previous six. He built a lead on the uphill and cruised on the downhill to finish in a time of 43 minutes, 8 seconds.

But even the champion fell victim to a tough race in tricky conditions.

Advertisement

“I actually fell like, three times,” he said. “Basically, I’d never fallen until this year. I didn’t feel like I really had a great rhythm in the downhill. I was driving to lift my toes, which is just weird, like my legs felt really stiff.”

The conditions meant Norris was unable to improve on the course record of 40:37 that he set in 2024. But the win meant he pulled away from Sven Johanson and Brad Precosky, who he was tied with in the all-time wins category with six.

Racers run down the scree field near the top of Mount Marathon. (Loren Holmes for ADN)
Racers round the flagpole at the top of Mount Marathon. (Loren Holmes for ADN)

Finding himself among the luminaries in the race has been an interesting turn of events as he has grown older and now represents the pinnacle of the race for a younger generation.

“I remember growing up being really excited watching Eric Strabel get the course record (in 2013), and then to be like, part of that now is super special,” he said. “It’s cool how much Eric and those guys inspired me. So hopefully, it’s good for all the junior racers that are out there.”

Following the race, Norris shared a nice moment in the finish pen with his parents, who made the trip down from Fairbanks.

Norris claimed his first title in 2016, followed that up with victories in 2018 and 2021, and now has won four straight starting in 2023. While he isn’t training like he was in those early years when he was a U.S. Ski Team member, what he’s doing is clearly working.

Advertisement

“I think I’ve gotten better at certain things and maybe weaker at other things,” he said. “But overall, I think I’m maximizing the amount of time I’m putting towards training and I’m having fun, so ultimately if I’m happy and it’s going well, I’m not gonna change it.”

[Anchorage’s Klaire Rhodes earns a 3rd straight Mount Marathon women’s title]

[Thale Randall, Wren Spangler take junior titles at Mount Marathon Race]

Racers make their descent of Mount Marathon on Saturday, July 4. (Loren Holmes for ADN)
A muddy racer passes wildflowers during his descent of Mount Marathon on Saturday, July 4. (Loren Holmes for ADN)

Squamish, British Columbia, runner Jessie McCauley placed second, finishing in 43:54.

McCauley said the Seward conditions were just like being at home as temperatures hovered in the low 50s while rain fell on the runners.

“Coming from Squamish, we’re used to six months of rain, so it kind of felt like home a little bit,” he said. “But, in all honesty, I had a (personal record) today by like, 30 seconds, and I really wasn’t anticipating in these conditions. It just goes to show that temperatures really make a difference, especially on this course.”

Advertisement

The top five was rounded out by Lower 48 runners.

Kris Burnett makes his descent of Mount Marathon on Saturday, July 4. (Loren Holmes for ADN)

Bayden Menton of Gunnison, Colorado, placed third (44:02), followed by Jackson Cole of Missoula, Montana (44:16). David Kennedy of Boulder, Colorado, placed fifth with a time of 44:43.

Anchorage’s William McGovern finished in eighth after a strong uphill effort.

Next year, Norris said he’ll be back looking for No. 8. But he’s still two wins behind the all-time record holder Nina Kemppel, who won nine.

“Last year, Nina Kemppel gave me a hard time saying I’ve still got a long ways to go to her nine,” he said. “That’s pretty awesome. I’d love to keep racing, and I’ll be doing it my whole life.”





Source link

Advertisement
Continue Reading

Alaska

Gargantuan Rockfish Pulled From The Depths Of Alaska Ocean By Florida Man Is Older Than Your Grandmother

Published

on

Gargantuan Rockfish Pulled From The Depths Of Alaska Ocean By Florida Man Is Older Than Your Grandmother


@ryanizfishing / TikTok

Ryan Izquierdo is a prominent figure in the fishing community with millions of followers social media. His most recent catch, a yelloweye rockfish, is not only the most orange fish you have ever seen, it is (probably) older than your grandmother.

He pulled the dinosaur-sized aquatic creature from the depths of the Pacific Ocean in Alaska.

For someone who has done a lot of fishing in remote locations all over the world to get this excited about a new catch should tell you everything you need to know. It is extremely difficult to catch this specific fish at this size!

Who is Ryan Izquierdo?

If you are a member of the angler community, you might already be familiar with ‘Ryan Iz.’ I compare him to a modern-day Jeremy Wade because he also catches prehistoric-looking fish on a rod and reel and documents his adventures on video.

Advertisement

Instead of a TV show that airs on Animal Planet or Discover Channel, Izquierdo posts on social media. He has more than three million followers on TikTok, 350,000 followers on Instagram and one million subscribers on YouTube.

Ryan Izquierdo travels all over the world to hunt monsters. He spent seven days hunting the world’s fiercest fish in the Amazonian jungle.

He caught some of the biggest golden dorado you will ever see in Argentina.

His recent trip to Texas with Field and Stream saw him catch a literal dinosaur.

Advertisement

However, most of Izquierdo’s time is spent in South Florida. The Sunshine State is home base.

Wherever he goes, big fish follow. Or maybe it’s the other way around?

A yelloweye rockfish caught in Alaska is older than your grandma.

Ryan Izquierdo’s latest fishing trip brought him out to Sitka, Alaska with ‘Cast Alaska’ Charters and Lodge. It was a once-in-a-lifetime experience.

“Fishing in the most scenic places I’ve ever seen that hold true sea monsters. Every drop feels like it could connect you to a true giant hiding on the bottom. It could take hours, minutes, or not come at all. But when you do connect.. it’s epic!”

Sitka is located in the southernmost region of the state on the Pacific Ocean next to British Columbia near Juneau. The fish were biting!

Advertisement

Izquierdo caught his first Alaskan halibut.

He also reeled in a few different kinds of rockfish. The quillback rockfish absolutely crushed his jig.

The highlight was a yelloweye rockfish— also known as the Pacific red snapper, red rock cod or the Alaskan goldfish. It was over 90 years old and covered in spines. It was the most orange fish Ryan Izquierdo had ever seen.

He mentioned at the end of the video that the yelloweye rockfish was throwing up her stomach. That is because of a phenomenon known as “barotrauma,” which happens because of rapid decompression. These fish live in such deep water where the pressure keeps its organs in place. The air inside its swim bladder rapidly expands as it nears the surface, which pushes other organs like the stomach out of the mouth.

I don’t know whether or not Izquierdo kept this specific fish for his own consumption, because yelloweye rockfish is a highly sought-after table fare, but there is a way to release deep-sea fish back into the water safely. A device called a ‘SeaQualizer’ is used to compress the fish’s air bladder upon release, which allows them to regain neutral buoyancy and swim away.

Advertisement


Advertisement





Source link

Continue Reading

Alaska

Semi overturns on highway north of Seward, spilling salmon

Published

on

Semi overturns on highway north of Seward, spilling salmon


A semi traveling on the Seward Highway overturned north of Seward, spilling diesel fuel, oil and its cargo of salmon and closing the road for several hours overnight into Saturday, Alaska State Troopers said.

Seward-based troopers were dispatched to Mile 15 of the highway, south of Primrose, shortly after 9 p.m. Friday for a report of the crash, troopers said in an online post. A semi with two trailers had overturned, “spilling diesel fuel and oil across the highway,” troopers said.

“At the time of the rollover, the truck was fully loaded with containers of salmon, which vastly covered the highway,” troopers said. Photos of the incident posted to social media showed salmon strewn across the road.

Two semi occupants were taken to Seward Providence Medical Center for evaluation and treatment of what appeared to be minor injuries, troopers said.

Advertisement

Troopers said a preliminary investigation indicated that the semi “was traveling too fast for conditions, and intoxication was not a factor.”

The crash and resulting cleanup closed the highway until about 4:45 a.m. Saturday, troopers said.

The closure occurred in the hours leading up to Saturday’s Mount Marathon race and Fourth of July celebration in Seward, which draw massive crowds to the Resurrection Bay town each year.





Source link

Advertisement
Continue Reading
Advertisement

Trending