Alaska Department of Revenue selects Petrie Parkman & Co. of Denver as gas pipeline advisor

Petroleum News Alaska

Petrie Parkman & Co. of Denver said Sept. 4 that is has been retained by the commissioner of the Alaska Department of Revenue as financial advisor for the evaluation of the state’s potential participation in owning an interest in or financing a North Slope natural gas pipeline project.

Petrie Parkman said that under the authority of Senate Bill 158, the firm will assist the commissioner of Revenue in the preparation of a comprehensive report addressing options for and analysis of the state’s potential participation in a natural gas pipeline project to further the development of Alaska’s natural resources.

SB 158 was sponsored by the Senate Resources Committee. The bill provided $200,000 for the contract and set a Jan. 31 deadline for delivery of the report. The bill was introduced in March, passed the Legislature May 5 and was signed by the governor July 20.

Petrie Parkman said its report will include an examination of each of the announced North Slope gas pipeline proposals and will also analyze whether and how the state should take an equity ownership or other financial interest in a project.

“Current energy market conditions within North America indicate that one or more Alaskan pipelines may be economic. It is paramount that the best course of action is determined by the state. An interesting opportunity exists to benefit both the citizens of Alaska and the interests of natural gas consumers in North America,” said Tom Petrie, chairman of Petrie Parkman, in a statement.

Petrie Parkman is a specialized investment banking firm focused on energy issues and transactions providing worldwide investment banking, client advisory and capital markets services from offices in Denver, Houston and London.

Petrie Parkman also has an extensive practice in assisting governmental entities in analyzing strategic policy initiatives. It is currently providing strategic advice to the Kingdom of Saudi Arabia concerning its natural gas initiative and previously advised the United States in the privatization of the Elk Hills Naval Petroleum Reserve.