While state leaders worry about Alaska’s declining oil production and what lower tax revenues will mean for the state’s finances, a new application of old technology has the potential to dramatically change the picture.
This summer, companies are beginning to explore tapping Alaska’s vast shale oil formations. Similar formations have spurred multi-billion-dollar oil booms in North Dakota and Texas.
Suffice it to say, the shale oil and gas development has revolutionized oil and gas over 5 or 10 years. The use of technologies that have been used in the field for a long time have advanced to a point where we could develop the oil from source rock itself. Alaska has tremendous potential with regard to the source rock that they have there. It’s a VERY exciting time for oil and gas in Alaska!