Competitive Framework for Alaska: 2012

No attractive projects in Alaska for major oil companies Current fiscal terms are designed for low cost light oil. There is possibly about one billion barrels of new high cost light oil production available through: Discoveries as a result of new exploration Small discovered fields, which have not yet been brought on stream ● Infill drilling of existing fields. Major oil companies are already infill drilling, other projects do not compare well in attractiveness with international opportunities. As a result, the main focus of major oil companies is to draw cash out of Alaska for investment elsewhere. 23

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