ASRC reacts to Shell announcement

Arctic Slope Regional Corporation (ASRC) has announced that it is deeply disappointed by the recent announcement by Shell regarding the Burger prospect in the Chukchi Sea. On 27 September 2015 Shell announced while they discovered indications of oil and gas within the Burger prospect, the reserves were not sufficient enough to warrant further exploration.

ASRC president and CEO, Rex A. Rock Sr. stated: "At a time when Alaska is confronting a fiscal crisis, the news from Shell is deeply disappointing. This is a major blow for Alaska, and leaves into question the viability of our state's economy."

Rock added, "Closer to home on the North Slope, we are looking for solutions on how we continue to sustain our local economies to support our communities. Absent any responsible resource development onshore and offshore, we are facing a fiscal crisis beyond measure. The federal regulatory environment has proven to be a burden for any development, whether onshore or offshore. With this type of uncertainty, we will continue to see good opportunities slip away because no one wants to do business in Alaska."

Crawford Patkotak, ASRC chairman of the board stressed: "Upon passage of the Alaska Native Claims Settlement Act in 1971, Congress directed Alaska Native Corporations to provide benefits to their people, their shareholders. At ASRC, we continue to work hard to deliver on that mandate and we call on the federal government to serve as our partners to ensure we continue to have responsible development on the North Slope. We need the tax base; we need new oil in the Trans-Alaska Pipeline. Stop fighting Alaska Natives at every turn and work with us on prospects like GMT-1 and ANWR; work with us to ensure more regulatory certainty for future offshore prospects. Don't turn your backs on the people of the North Slope; instead, join us to develop a sustainable solution."

ASRC, along with six other village corporations from the North Slope, formed an entity called Arctic Iñupiat Offshore LLC in 2014. AIO was a strategic partner with Shell in the Chukchi Sea.

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/exploration/29092015/asrc-reacts-to-shell-announcement-1370/