Good News in Alaska – Exploration Wells Abound!

April 7, 2023

With the way the Biden administration has set its sights on thwarting Alaska’s development projects since taking office – with 49 of the 50 administrative and executive decisions harming jobs, and only the traded-off Willow project helping – any news from the Great Land regarding new opportunities are cause for celebration.

So, when Petroleum News’ latest issue highlighted three announced exploration efforts, cheers were likely heard throughout the state.

First, Hilcorp announced it had submitted a plan to drill up to 38 wells during the July, 2023 to June, 2024 period throughout its Prudhoe Bay units.  This is a significant increase from the previous year’s plan, where the maximum was 11 exploratory wells.  Hilcorp’s ability to add capacity to mature fields is its calling card, and its continued optimism in Prudhoe is welcome news.

Hilcorp then doubled-down with good news, as it circulated its announced plans to drill up to six more exploration wells throughout its Cook Inlet holdings.  As the region’s largest source of gas – the key to heating and powering homes throughout Southcentral Alaska – exploration and potential development of additional capacity is always welcomed news.

The final company to announce additional exploration was Lagniappe.  They are looking at drilling three to six onshore oil and gas exploration wells on state of Alaska leases south and southwest of the Badami unit and east of Prudhoe Bay.

Here’s hoping each of those efforts yield positive results, as they’ll bring additional jobs, revenues and value to Alaska, and continue to enhance the state’s bright energy future.