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Alaska Oil Resource Values
Alaska North Slope crude oil price (8/2/23): $89.12
FY24 budget (beginning 7/1) is fully funded at forecast $73/barrel oil.
Price on 9/30/22: $86.91
Price on 6/29/22: $116.84
Price on 3/8/22: $125.44
Price on 12/22/21: $75.55
ANS production (7/26/23): 410,285 bpd
Biden officials allow climate law to boost copper. Axios
Copper processing is integral to energy transition, as it's used in solar, wind, EVs and other sectors. The U.S. does relatively little of that work. But the climate law might change that. Driving the news: The Energy Department on Monday released its first-ever "critical materials" list and included copper.
The growth of U.S. LNG. Axios
The U.S. has the largest source of global LNG supply growth in recent years, with more on the way. The U.S., Qatar and Australia are the largest shippers of the fuel.
Quoted. Axios
Quoted: "The Saudis are doing whatever it takes to defend oil prices and that could mean we could be seeing $90 oil soon." — Oanda analyst Edward Moy
Streamlined State Regulations Adopted for Nuclear Microreactors. Alaska Business Magazine
Streamlined regulations are now in place for the next generation of nuclear reactors, which could power Alaska communities or industrial sites as early as 2027.
Embarking on a Quest for Cheap Energy. UAF From the Grid
Either energy costs are low because there is some form of state subsidy that keeps them artificially low, or electricity is produced from large, legacy power plants that are usually (but not always) hydroelectric.
(My comment: Here is an example of Gwen Holdmann’s thinking about Alaska’s energy, economy and future for our people. I can’t find anything objectionable.)
Alaska Division of Oil and Gas plans geothermal lease sale for volcano near Anchorage. Alaska Beacon
The Alaska Division of Oil and Gas is preparing to hold a lease sale offering rights to explore for geothermal energy resources of Mount Spurr, a snow-capped volcano about 80 miles northwest of Anchorage.
Tech breakthrough could boost states' use of geothermal power. Alaska Beacon
Lawmakers in some states have been laying the groundwork to add geothermal power to the electrical grid and pump underground heat into buildings. Now, a technological breakthrough could dramatically expand those ambitions — and perhaps unleash a new wave of policies to tap into geothermal sources.
Tourmaline Oil joins proposed Pacific LNG terminal in major boost to project. Financial Post
A proposed liquefied natural gas export terminal on Canada’s Pacific Coast is getting a major boost as Tourmaline Oil Corp. — the country’s largest natural gas producer — agreed to join the project. (My comment: Possible source of SouthCentral import natural gas?)
Modules construction starts for $5.1 billion Canadian LNG project. UpStream Energy Explored
Qingdao McDermott Wuchuan Offshore Engineering (QMW), the joint venture between US contractor McDermott and China State Shipbuilding Corporation, has started construction of the modules for Pacific Energy’s US$5.1 billion Woodfibre liquefied natural gas project on Canada’s west coast.
Renewables are dominating 2023's new U.S. power supply. Axios
Solar is already the largest source of utility-scale power generating capacity added in 2023, and that lead is slated to grow a lot by year's end. State of play: Solar additions slightly outpaced gas in the first six months, providing 35% of new additions, new Energy Information Administration data shows.
Alaska Permanent Fund
Alaska Permanent Fund (August 9, 2023)
Fund's total value was $78,850,500,000.
Preliminary 6-30-23 unaudited values
The Principal total includes:
• $56.4 billion in permanent savings contributions
• $11.5 billion in unrealized gains
The Earnings Reserve Account total includes:
• $5.2 billion of uncommitted realized earnings
• $3.5 billion for the FY24 POMV draw
• $4.2 billion for FY23 Inflation Proofing of the Principal
• $1.3 billion in unrealized gains
PFD payout from ERA, 1980-2022: $26.6 B
Cost of PFD in 2023: $2.2 B
Cost of PFD in 2024: $881.5 M
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