Doyon cancels land access for Alaska development agency, a barrier for the Ambler Road project adn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adn.com Daily Mail and Mail on Sunday newspapers.
After being bailed out by Alaska s state government, North Slope oil field is eyed for sale adn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adn.com Daily Mail and Mail on Sunday newspapers.
January 29th |
Leaders of the state development bank now must decide what to do with a failed North Slope oil project in which they have invested $70 million.
The Alaska Industrial Development and Export Authority took control of the Mustang project in December following years of fits and starts by former operator Brooks Range Petroleum Corp. that ultimately led the state-owned authority to foreclose on the project assets.
Approximately a year ago the AIDEA board of directors approved what ended up being the last in a series of amendments to its $70 million total equity investment in Mustang, which had previously been morphed into a loan to Brooks Range s parent companies.