- Associated Press - Tuesday, October 10, 2017

SOLDOTNA, Alaska (AP) - An oil company that paused drilling in Alaska’s Cook Inlet says it will resume operations.

KSRM (https://bit.ly/2i2POtr) reports BlueCrest Energy Inc. will continue operations on its Cosmopolitan Project near Anchor Point after a pause in August.

BlueCrest in a development plan submitted Sept. 27 to the Alaska Division of Oil says it intends to drill at least one well in 2018.

BlueCrest CEO Benjamin Johnson says the company spent about $400 million but paused additional drilling when it did not receive roughly $75 million in tax credits owed to the company by the state.

The Alaska Legislature ended the state oil and gas tax credit program in July.

BlueCrest in an August letter said drilling would be paused so previously drilled wells could be produced and evaluated before drilling resumed.



Click to Read More

Click to Hide