Volume of AK produced oil increases first time in decade

    The volume of oil produced in Alaska went up during the just-finished fiscal year for the first time in over a decade, according to a new report.

    The volume of oil produced in Alaska went up during the just-finished fiscal year for the first time in over a decade, according to a new report.

    The State Division of Oil & Gas says prelimnary production volume is 173-million barrels, a 3-percent increase compared to the year before.

    That tracks with the Alaska Oil & Gas Association's estimate in March for calendar year 2015, which saw the first year-over-year production increase since 2002.

    AOGA President Kara Moriarty credits the increase to the state's tax policy, which provided incentives even as oil prices declined and companies experienced negative cashflow.
     

    More from News of the North

    Crude Oil Price

    Current Conditions