State Receives Over 100 Bids on Cook Inlet Lease Sale

The state has received more than 100 bids for this year’s Cook Inlet oil and gas lease sale. That’s the highest number since 1983. At the lease sale Wednesday morning in Anchorage, the state will learn the dollar amount of the bids and which tracts companies are interested in. Jonne Slemons manages leasing and permitting for the Alaska Department of Natural Resources. She is cautiously optimistic about participation in the lease sale but says it will be good to have more information on the bids:

Last year, Governor Sean Parnell signed legislation encouraging natural gas development in Southcentral Alaska, where supplies of the resource are dwindling. The legislation increased tax credits for capital investments in Cook Inlet gas production. DNR received only five Cook Inlet bids in 2009 and 37 in 2010.

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