Experts say the Alaskan North Slope could hold 100 trillion cubic feet of natural gas. "More than enough to supply half of America's energy needs for 10 years," notes Alaska Gov. Tony Knowles. Construction on a project to supply the lower 48 states could begin within the next two years providing state and federal rights-of-way are obtained.
Gov. Knowles has pledged the remainder of his term to get 35 trillion cubic feet of gas to market. The US$7 billion project would create a surge to local employment, and has the support of top industry participants, including Phillips Petroleum. The project, however, has yet to be approved.
As rising gas prices persist, new oil field production work continues to fill the country's need for oil. VECO, a company that supports offshore oil manufacturing, is now building new oil field service modules at the Port of Anchorage. These represent a $300 million investment by BP Exploration and is expected to generate 250 new jobs in the Anchorage area.
The Alaska CargoPort, located in Anchorage, has recently opened an expansion of 100,000 sq. ft. (9,290 sq. m.). The $15 million project will allow increased cargo activity in Anchorage. As US carriers expand into the Pacific Rim and China, this port will see an increase in traffic. A projected additional expansion of 60,000 sq. ft. (5,574 sq. m.) may be in the future. Anchorage is actively seeking firms that import or export products to the Pacific Rim, Europe or the US. The CargoPort, located 20 minutes from downtown Anchorage, would be a central location for sorting and handling goods.
