May means many things in Alaska. Break-up is over, temperatures are rising, and most Alaskans are already dreaming of long days reserved for hiking, hunting, fishing... basically all things outdoors. After months of cold and darkness, we're excited and optimistic about the summer months ahead.
The same can be said for the oil and gas industry. Much like a spring renewal, the North Slope in particular is undergoing a rebirth of its own with a few new players entering the scene and long-time operators increasing their investment allocation to further support exploration and development efforts in the region.
The Alaska Department of Revenue's 2019 Spring Revenue Forecast predicts oil production will experience a slight decrease in the near future but expects production to increase next year. In the coming years the general consensus is that the North Slope will continue to see a surge in interest, exploration, and production from both Outside interests and Alaska's veteran oil and gas companies such ConocoPhillips with its Greater Moose's 2 and Willow projects, Hilcorp with its Moose Pad wells at Milne Point, and BP's recent seismic survey of 400 square miles of Prudhoe Bay designed to find previously "hidden" pockets of oil through sonic waves.
Along with the companies we cover on a regular basis, there are some (relatively) new to Alaska players entering the oilfield with big plans of their own. Oil Search out of Papua New Guinea is forging a path through the Pikka formation; Eni is taking over operations of the Oooguruk oilfield after it agreed to acquire the remaining 70 percent it didn't already own from Caelus Natural Resources; Entek is in the final stages of acquiring North Slope leases from...