Saturday, May 25, 2013
Escopeta Discovers Huge Natural Gas Reserve
For years Alaskans have been told that Cook Inlet is running out of natural gas, but a major announcement last week is testing that assumption.
For years Alaskans have been told that Cook Inlet is running out of natural gas, but a major announcement last week is testing that assumption. Escopeta Oil says they have found a huge reserve in one of its test wells drilled this summer.
Escopeta spokesman Steve Sutherlin calls it a major discovery.
“We also have three different prospects besides this one that we believe contain natural gas,” he said.
Many believe the discovery will go a long way toward keeping the lights on in southcentral for years.
“A discovery of that magnitude, even if it's only a third that size, is so huge that it just basically changes the whole gas supply setting, “ says Harold Heinze, director of the Alaska Natural Gas Authority.
Heinze says it may also cause a re-examination of some of the larger energy projects that have been proposed, like the Susitna Dam or an in-state natural gas pipeline.
“If you believe one of the big urgencies of the in-state gas line coming to Cook Inlet was related to the lack of supply here and if you change that, maybe the urgency isn’t there,” says Heinze. “Maybe you ought to start thinking about some other things.”
For its part, Escopeta says it expects to find not only more gas when it resumes drilling next spring, but oil as well. The company believes it is possible to get the gas to market as early as 2013. The optimistic estimate depends on what they find next spring.