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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 375.93-1.8%Nov 14 4:00 PM EST
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To: koan who wrote (41401)10/17/2008 2:58:40 AM
From: Snowshoe  Read Replies (1) of 217768
 
Koan,

Sorry if my comments seemed terse, but I just don't agree with your enthusiasm for Alaska's prospects under the current global financial conditions.

Ten yeas ago I was driving east across town one evening and saw a big display of fireworks near the BP building. Turns out they were celebrating the opening of the Badami heavy oil field on Alaska's north slope. But in 2003 BP suspended production at Badami because it was only producing 1,350 bbl/day. BP restarted Badami in 2005 using a 6 month production/recharge cycle, and more recently has been experimenting with a heavy oil project at Milne Point.

Both Badami and Milne Point are relatively small projects with a steep learning curve, but eventually we may get some substantial heavy oil production from the North Slope. Keep in mind that the federal government controls ANWR, NPR-A, and much of the offshore, so the state won't get such a big piece of the action if/when these areas are developed.

I remain quite cautious about Alaska's economic prospects at the current time. It looks to me like state/federal government spending, resource development, and annual Alaska dividend distributions will all take a hit.

-Snow
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