The great bear is back, or at least back drilling. Great Bear Petroleum never really left Alaska, of course, but the company did seem to go into deep hibernation after its initial winter drilling season in 2012.
Tim Bradner: The 3-D seismic Great Bear has done across its leases provides a detailed picture of faults in the shale. But why is this important? Great Bear Petroleum CEO Ed Duncan: The fault patterns are important for the development of source rock plays for two reasons. First, the presence and nature of natural fractures provide additional petroleum ‘storage’ volume and pathways to facilitate liquid flow. We know from our whole core analyses that the Shublik Formation is naturally fractured, carbonate rich with some zones of higher silica content and has very little clay. All of that is extraordinarily good news given that the Shublik is also a world-class oil prone source rock.
KENAI — After months of meetings, a municipal board formed to give Gov. Sean Parnell input on the proposed Alaska LNG Project has been inundated with information. It is working toward a recommendation on the controversial move from the current property tax model to a payment in lieu of taxes, or PILT, model.