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Vol. 29, No.23 Week of June 09, 2024
Providing coverage of Alaska and northern Canada's oil and gas industry

Oil patch insider: Expanding resource, 88's Tiri-1, RDC event, Bird latest Pathfinder

Kay Cashman

Petroleum News

Robert Bradley from the Institute for Energy Research, or IER, wrote a great piece May 31, titled Fossil Fuels: An Expanding Resource.

Here's the beginning: "Depletable resources deplete -- which would seem to mean less and less for the future with ongoing production. But the actual statistics of oil, natural gas, and coal show the opposite. The more that is extracted, the more there is to extract. This is not the biblical story of the fishes and loaves. It is the result of resourceship, or entrepreneurship applied to resources in free economies."

That is the finding, Bradley wrote, of IER's 2024 North American Energy Inventory: "Since 2005, oil production in the U.S. has increased by 149 percent and natural gas production has more than doubled."

Looking ahead: "The U.S. now has 227 years of oil supply, 130 years of natural gas supply, and 485 years of coal supply," Bradley wrote.

"And when these time horizons are reached, expect high, even higher, reserve and resource figures given free-market supply and demand, or the liberty to locate, extract, and consume resource."

Check it out. It's a fascinating article:

88E's Tiri-1 exploration well

88 Energy Ltd. said June 4 that permitting and planning have begun for the newly named Tiri-1 exploration well designed to test the Tiri prospect in the USB formation within the Project Leonis acreage on Alaska's North Slope.

The USB formation is the "same proven producing zone as nearby Polaris, Orion and West Sak oil fields to the north-west. These proven USB producers served as important calibration points for the Leonis petrophysical model."

The Leonis USB prospect "has been fully delineated and mapped following a review of reprocessed 3D seismic data and a 3rd party dedicated fault mapping study to assist in prospect definition ... which underpins the compelling technical and commercial case for further assessment," 88 Energy said.

The Tiri prospect has "exceptional estimated porosity, averaging almost 30% over the 175 feet of interpreted pay," the company said.

"Concurrent farm-out process ongoing to secure a funding partner ahead of drilling," 88 Energy said.

Forward program: "88 Energy has engaged Fairweather to assist in commencing the planning and permitting for the Tiri-1 exploration well. The well will be designed to drill, log and test the USB zone in a single season, and will utilize the existing gravel pad at the location of the Hemi Springs Unit-3 well to reduce costs."

RDC's 49th annual luncheon

The Resource Development Council will host its 49th Annual Membership Luncheon on Wednesday, June 12, at the Dena'ina Center in Anchorage. Doors open at 11:15 a.m., and the program begins at noon.

The keynote address is by Kirk Johnson, senior vice president, Global Operations for ConocoPhillips.

Johnson is responsible for ConocoPhillips' operations in Alaska, Asia Pacific, Canada, Europe, the Middle East and Africa. He has more than 25 years of oil and natural gas experience. He began his career in 1997, working at BP in a variety of engineering, operations, and project positions supporting oil and gas operations in Alaska. Since joining ConocoPhillips in 2008 he has served as senior vice president, Lower 48 Assets and Operations; vice president, Corporate Planning and Development; and president, Canada.

Table sponsorship opportunities for the luncheon are still available.

RDC relies on its membership and supporters to fund its mission by sponsoring and participating in this event.

Participation supports RDC's ability to engage in vital advocacy work and demonstrates your commitment to grow Alaska through responsible resource development.

Bird among latest Pathfinders inductees

Geologist Ken Bird is among the latest inductees to the Alaska Geological Society "Pathfinders in Alaska Geology," but citations for the latest inductees have not yet been posted to the website, so we are including it here.

This award was established in 2023 to recognize true trailblazers in the geosciences in Alaska; men and women who made enormous contributions to the general understanding of the geology of the Last Frontier.

Alaska geology is exceptionally diverse and complicated. Mapping and development of geologic models in Alaska are further challenged by its remoteness, severe weather and limited infrastructure. There have been multiple key geoscientists that have risen above these difficulties and helped build a multifaceted geologic model of the state that continues to evolve and improve as more work is performed. These are the "Pathfinders in Alaska Geology.

--Oil Patch Insider is compiled by Kay Cashman

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