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Category: Econ 5-19

Economic Report 5-19

Economic Report 5-19

April 19, 2019 In this Issue: Hilcorp starts production at its new “Moose Pad” project State’s economy tips up; let’s not mess it up EnergyIGU cuts out of Siemens dealPetersburg hydro upgradeUAF coal power plantChugach, ML&P deal proceeds Economic data from Northrim presentations Business IntelligenceA growing industry? Farms up 30 percent between 2012 and 2017Influential anchorage business group focuses on food supplyBristol bay subsidiary expands in western Alaska fuel supplyFairbanks will raise taxes due to governor’s cutsSome anchorage businesses still […]

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Transportation

Transportation

State to sell two of its ferries The state will sell two of its “fast” ferry vessels, the Fairweather and Chenega, officials at the Department of Transportation and Public Facilities said. The Fairweather is to be laid up at Ward Cove, in Ketchikan. Its crew is being reassigned to other vessels where there are vacancies, so the action will not result in layoffs, for now at least. Completion of the new ferry Tazlina, which will operate in northern Lynn Canal […]

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Petroleum

Petroleum

New oil found near TAPS line London-based independent Pantheon Resources is in development planning for a small oil discovery in the central North Slope south of the large Prudhoe Bay field. Pantheon drilled a new well off the Alkaid 1 well drilled in 2015 and achieved a test flow rate 80 barrels per day to 100 barrels per day of high quality light 40-degree API oil from a six-foot well section. Pantheon believes the discovery can be commercially developed with […]

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Business Intelligence

Business Intelligence

A growing industry? Farms up 30 percent between 2012 and 2017 The number of farming operations in Alaska is increasing, and a good part of the growth is in smaller greenhouse operations supporting bedding plants and flowers as well as vegetables along with the non- profit hatcheries and mariculture operations like oyster farms that are mostly family-owned. Mariculture and hatcheries are included with conventional farms in U.S. Department of Agriculture data. According to the latest USDA farm census for Alaska […]

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Economic data from Northrim presentations

Economic data from Northrim presentations

Here are the economic indicators for Alaska presented by Mark Edwards, Northrim Bank vice president and chief economist, at the bank’s economic forum luncheons. The data indicates an economy that is leveling out and poised for growth. However, proposed large state budget cuts could extend or even deepen the recession, said Mouchine Gettabi, economist at the University of Alaska’s Institute of Social and Economic Research, who also presented at the Northrim forum. Here are key points: From Mark Edwards: Macro […]

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Energy

Energy

IGU cuts out of Siemens deal The Fairbanks-based Interior Gas Utility terminated negotiations with Siemens on a deal to build a small modular liquefied natural gas plant near Willow to supply LNG to the Fairbanks gas utility. Negotiations have been confidential and it is not known what caused the breakdown but IGU board members had been skeptical of Siemen’s claim that it could supply LNG to Fairbanks with a gas feedstock price of $5 per thousand cubic feet, or mcf. […]

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State’s economy tips up; let’s not mess it up

State’s economy tips up; let’s not mess it up

Northrim Bank held its annual briefings for its customers and community and business leaders in Anchorage, Fairbanks and Juneau this week. The core message is that the state’s economy is beginning to tip up after more than three years of recession, so let’s not mess it up. Joe Schierhorn, Northrim’s gentlemanly CEO, didn’t quite put it that bluntly, but that was his point. Basically, Northrim is optimistic about oil work on the slope picking up and the bank itself has […]

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Hilcorp starts production at its new “Moose Pad” project

Hilcorp starts production at its new “Moose Pad” project

Hilcorp Energy has started production at its new Moose Pad viscous oil project in the Milne Point field on the North Slope, the company said. Milne Point is owned 50-50 by Hilcorp and BP, but is operated by Hilcorp. “Production at Moose Pad came online in early April at an initial rate of 3,000 barrels per day flowing from two wells. Drilling and facility construction activities are ongoing. The facilities will make it possible to bring on additional production from […]

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