THE LINK: OCTOBER 2024 32 HEX Alaska would use $50 million to drill new wells The Alaska Industrial Development and Export Authority, or AIDEA, the state development corporation, is working on plans for financing of new Cook Inlet natural gas exploration. AIDEA is aiding HEX Alaska on a plan to finance about $50 million in new natural gas development at the Kitchen Lights gas field in Cook Inlet. HEX, which is locally-owned, would use the funds to drill and develop new gas production wells. AIDEA has contributed $200,000 toward initial feasibility studies. If the full financing plan moves forward the authority’s board will be asked to approve it in November. HEX owns the Julius R gas platform in the Inlet, as well as a gas pipeline to onshore processing facilities. Kitchen Lights now produces about 11 million cubic feet of gas daily for utilities in the region. The company said it is ready to drill for gas at Kitchen Lights and has a $12 million new exploration program HEX planning for Inlet gas exploration Photo by Nathaniel Herz/Northern Journal The Tyonek platform in Cook Inlet is currently home to the region’s only offshore drilling rig, which is to the left of the platform. Both assets are owned by Hilcorp, the inlet’s dominant producer; another oil and gas company, HEX, may rent the rig to drill a well before the end of the year — but only if the state grants it concessions, says HEX President John Hendrix.
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