Cook Inlet oil, gas prospects rise

KENAI -- Cook Inlet experienced an upswing in oil and gas exploration in 2011 that is bringing a boost to local business.

Three independent oil and gas companies are drilling new wells and another independent submitted more than 90 bids in a near-record Cook Inlet lease sale in June, the Peninsula Clarion reported Friday.

The increased exploration is creating business for the companies that support the oil and gas explorers. Those businesses do everything from drill wells to dispose of waste.

Al Hull, from Petroleum Equipment & Services, Inc., said his outfit has felt the increased demand.

"This is the busiest I've seen it in a long time," he said.

Rain for Rent, which rents pumps, tanks and filtration units, also has seen an increase in business.

"We are really excited with all the new companies working in the area, there should be plenty of opportunity for support services," said the company's Randy Harris.

The upswing has kept Hull's company going despite the economy. In the summer, when more drilling activity is under way, he said Petroleum Equipment & Services Inc. has had to hire extra college students.

"We've been able to keep local people employed," Hull said.

In addition to the trickle-down work for companies that service the growing number of independent oil and gas producers, there's been a sort of trickle-up effect.

ConocoPhillips announced recently that its liquefied natural gas plant in Nikiski will be exporting LNG this spring. That comes after the company announced last spring that the plant would be mothballed at the end of 2011. The new plan is partly because of a contract with Buccaneer Energy for the independent company to supply it with natural gas.

Source: http://www.adn.com/2011/12/30/2239858/oil-gas-prospects-rise-in-cook.html

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