SECURE ALASKA'S FUTURE - OIL
The State of Alaska's comprehensive strategy to reverse the declining flow of oil through the Trans-Alaska Pipeline
Alaska's North Slope is a world-class hydrocarbon basin that boasts massive quantities of untapped oil and gas. Despite these vast resources, in recent years, production from existing North Slope fields has declined at a much faster rate than it is being replaced. Between 2007 and 2012, oil production declined by an average of 6 percent per year.
The declining flow of oil makes the 800-mile Trans-Alaska Pipeline System (TAPS) more expensive to maintain and the risk of damage from corrosion is increasing. The best way to grow Alaska's economy and protect the pipeline is to boost the flow of oil by tapping our vast North Slope resources.
The good news: 2013 reforms by the Parnell Administration and Alaska Legislature to make the North Slope more attractive to new investment virtually eliminated the production decline in 2014.
What's at Stake
Continued new investment to increase oil production is critical to the state's economy, as it is the major source of state revenue that funds education, roads and other vital public services in Alaska.
The Secure Alaska's Future - Oil strategy has four components:
- I. Increase production by making Alaska more competitive.
- II. Ensure the permitting process is structured and efficient.
- III. Facilite and incentivize the next phase of North Slope development.
- IV. Promote Alaska's resources and positive investment climate to world markets.