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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...

  Although the Alaska Industrial Development and Export Authority, or AIDEA, has been around since 1967, it is true we're not exactly a household name. However, AIDEA recently gained attention when it was identified as the successful bidder for multiple tracts in the federal Bureau of Land Management's recent oil and gas lease sale. These tracts are located within the Section 1002 Area designated under the Alaska National Interest Lands Conservation Act, aka ANILCA, a small part of the Arctic National Wildlife Refuge, or ANWR. We wanted to take this opportunity to provide some additional pe...

Alaska development bank forecloses on oil field assets after $70 million investment Published January 21 Share on Facebook Print article 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...

He will inherit a Justice Department that Biden and other critics say has curtailed prosecution of polluters under President Trump.

JUNEAU, Alaska (AP) — The U.S. government held its first-ever oil and gas lease sale Wednesday for Alaska’s Arctic National Wildlife Refuge, an event critics labeled as a bust with major oil companies staying on the sidelines and a state corporation emerging as the main bidder. The sale, held as scheduled after a judge Tuesday rejected requests by Indigenous and conservation groups to halt the event, garnered bids on half the 22 tracts that were listed as available in the refuge’s coastal plain. The U.S. Bureau of Land Management, which held the sale, said the bids were under review.