New oil project on north slope

    ANCHORAGE, Alaska (KINY) Armstrong Energy has released plans for a billion plus barrel Nanushuk oil project on the North Slope of Alaska.

    The project could produce 120,000 barrels a day of conventional light oil.  The reservoir could hold more than 2 billion barrels of oil.  Construction is expected to take four to five years.  Production could commence in 2021.

    The project will create up to 50 construction jobs in the first year and expand to 1,450 construction and drilling jobs in four years.  About 450 people will be employed there for up to 15 years after it starts production.  They also expect about 200 permanent operations positions.



    More from News of the North

    Crude Oil Price

    Current Conditions