CEO Curtis Burton says Buccaneer plans to follow up with additional wells at Kenai Loop on shore, as well as offshore in Cook Inlet.
“We’re going to be bringing in a drill rig up there, an offshore drill rig, in June, and that will be the first time a rig of this type has been in the Cook Inlet since 1993.”
Energy companies have focused largely on the oil of Alaska’s North Slope in recent years, neglecting South Central Alaska, where much of the state’s population is concentrated.
“The State of Alaska has been trying to jumpstart companies like Buccaneer, smaller independents, to come in and start redevelopment down in the southern region of the state for some time.”
In addition to financial incentives from the state government, Buccaneer expects to benefit from sales to the local market, where natural gas sells at significantly higher prices than in the Lower 48 states.