Norway’s state-owned oil and gas company, Statoil, announced Tuesday it is pulling operations out of the Alaskan Arctic.
“Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” Tim Dodson, executive vice president for exploration, said in a statement.
The company — one of six that recently called for a price on carbon — will be closing its Anchorage office. It is giving up on 16 leases in the Chukchi Sea, as well as partial stake in 50 others held by ConocoPhillips. All the leases expire in 2020.
“The leases in the Chukchi Sea are no longer considered competitive,” Statoil said Tuesday.
And that is how it goes.
One by one they fall, until the day we are finished with them all.
However this should also serve as a wake up call to Alaskans that our days of suckling at the teat of big oil are rapidly coming to an end.
If we don't come up with viable replacements for the millions, or perhaps billions, of dollars that flowed into our state from oil production, we are going to be in a world of hurt.