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NEWS BULLETIN

April 25, 2014 --- Vol. 20, No. 27April 2014

AIDEA to fund North Slope facility

The Alaska Industrial Development and Export Authority has agreed to partly finance an oil and gas processing facility on the North Slope, a first for the public corporation.

On April 24, the board of the public corporation gave approval to partner with CES Oil Services Pte. Ltd to form Mustang Operations Center 1 LLC, which would finance the $200 million to $225 million facility. AIDEA will spend up to $50 million on the project.

The bulk of the project is a 15,000-barrel-per-day facility to process crude oil from the Mustang field at the Southern Miluveach unit on the central North Slope near Nuiqsut. The project also includes a pipeline to connect the field to the existing Alpine Pipeline.

The new joint venture will own the facility. Unit operator Brooks Range Petroleum Corp. will build and operate the facility. The project is slated for an early 2016 startup.

AIDEA estimates that the project will generate 50 jobs during the design and planning phases, 250 construction jobs and 20 to 25 full time jobs once the facility is operational.

—Eric Lidji

See story in May 4 issue, available online at 11 a.m., Friday, May 2 at www.PetroleumNews.com

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