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, production from existing North Slope fields is declining at a much faster rate than it is being replaced. In the past five years, 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.
What's at Stake
Oil production from the North Slope is the major source of state revenue that funds education, roads and other vital public services in Alaska. A premature shutdown of TAPS would eliminate one of the nation's top domestic energy assets and increase the nation's reliance on foreign oil.
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.