The Changing Face of Alaska North Slope Exploration and Development
Alaska Venture Capital Group (AVCG), began building its lease position and expertise on Alaska’s North Slope in the year 2000; Brooks Range Petroleum Corporation (BRPC), which operates on behalf of AVCG, began exploration drilling in 2007 and has since been the most active explorer, drilling, in total, 28% of test wells in the area. AVCG currently has 100,000 acres under lease in three focus areas and has acquired 570 square miles of 3D seismic to guide drilling. BRPC focuses on light oil prospects onshore near existing infrastructure, and operates four State-approved Units; within these units, six discoveries are moving towards development in progressive stages of delineation, permitting, engineering and implementation.
BRPC is quickly growing from a small independent explorer to an aggressive developer of new oil and represents the changing complexion of Exploration and Development in this region. Historically, the North Slope has been dominated by major oil companies developing giant fields. BRPC is demonstrating that this region is economic for Independent oil development by targeting prospects which the Majors believe to be too small for development. BRPC’s first development, the 45 MMBO Mustang Field, is west of and directly adjacent to the giant Kuparuk Oil Field. Working in cooperation with partners and the Alaska Industrial Development and Export Authority (AIDEA) the Mustang Development is scheduled to provide first oil in 2014 and can become a production hub for delivery of new oil reserves in close proximity to major oil field infrastructure and nearby common carrier pipelines.
AAPG Search and Discovery Article #90162©2013 Pacific Section AAPG, SPE and SEPM Joint Technical Conference, Monterey, California, April 19-25, 2013