Milne Point
Hilcorp’s recent investments and activity are just a portion of the positive things SB 21 and effective tax credits have brought to Alaska.
Recently closing the company’s fourth major acquisition in the state in less than four years, Hilcorp is on pace to invest an estimated $340 million in 2015 alone. The goal of those investments – more oil and gas production.
Hilcorp’s progress in Cook Inlet has helped restore confidence in what was a bleak energy outlook for Southcentral Alaskans. In fact, right now the company is making commitments to local utilities that extend to 2023.
Hilcorp hit the ground running on the North Slope, too, recently standing up a new, more efficient automated service rig (ASR #1) that’s helping repair and improve well performance, and drilling new wells at Milne Point with the Nordic 3 Rig.
While there are a lot of good things happening in the field, there’s no doubt that the industry is struggling with low oil prices and Hilcorp is no exception. However, the company remains focused on controlling costs and building efficiencies that will help maintain field activity that supports hundreds of jobs here in Alaska.