Work Smarter, Not Harder. Our Commercial Purchase Card program has an intuitive expense management tool making it easy for employees to submit expense reports, photos of receipts and notes for each transaction right from their phone. Call us today at (907) 562-0062 to speak to a member of our Treasury Management team about simplifying your credit card reconciliation. ACHIEVE MORE OUR BUSINESS IS TO HELP YOUR BUSINESS www.AKRDC.org 23 VOLUME 2 | ISSUE 1 | WINTER 2025 to look to Asia where the Jones Act doesn’t apply. Also, some of the new Alaska production will come from companies new to the state and who don’t have West Coast relationships or Jones Act tankers. Australia-based Santos, Ltd. and Repsol, based in Madrid, have their new Pikka field under construction, which will start up in late 2025. The two companies are likely to expand their production because they have discoveries on nearby leases. Some of this oil may be going to Asia, where Santos has relationships with refiners. ConocoPhillips is also developing its new Willow field on the North Slope and has relationships with West Coast refineries and access to Jones Act tankers. It will likely work its new supply into the West Coast, which may back out other supply. Crowther said Alaska is taking steps to defuse any competitive disadvantages with West Coast refineries. Companies are working on plans to capture carbon dioxide from production plant emissions and sequester it, and the state has approved underground storage of carbon dioxide on state lands, Crowther said. This will lower Alaska’s disadvantage in its production carbon intensity score. The goal is to remove a penalty and possibly get a premium. Fulford, of Gaffney Cline, thinks this will work, pointing to carbon capture associated with ammonia from the U.S. Gulf Coast that results in a premium paid when the ammonia is exported to Europe. Alaska officials estimate the state’s current production, now about 480,000 barrels per day, could reach 600,000 and more with new North Slope projects starting in late 2025 and 2026 and continuing to 2029. Incoming President Donald Trump hopes to boost it further. Trump promises to open up prospective places in northern Alaska including the Arctic National Wildlife Refuge (ANWR) and send a flood of new production into domestic markets and Asia.
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