The Alliance’s very own quarterly publication with news about Alaska’s natural resources, projects, politics, industry updates, and association information. Please contact us if you are interested in joining our mailing list for a physical copy.
THE LINK The Official Magazine of the Alaska Support Industry Alliance
OIL PRODUCTION FORECAST OUTPUT SET TO INCREASE NPR-A ACCESS EXPANDS BLM PAVES WAY FOR LEASES BIG THINGS IN STORE FOR ‘26 PROJECTS RAMP UP FUNDING POWERED BY POSSIBILITY MEET ALASKA ON MARCH 19
ALASKA CONTINUES TO LEAD THE WAY FORWARD
WINTER 2026 | www.AlaskaAlliance.com
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Message From Skeet Black, Board of Directors President Forging strong connections has never been more vital
A lliance Members and Friends: On Nov. 3, the entire Alliance board — leaders repre- senting industries across Alaska — came together for a strategic offsite. We spent a half day in a facilitated exercise discussing the direction of our organization and how to position ourselves to be even more effective in 2026 and beyond. What came out of that session was encouraging and practical. We intend to engage our mem - ber-company employees with straightforward talk on issues that affect their livelihood. We will connect younger Alaskans with clear, honest information about energy production and the support industries behind it, and we will continue our support of the Alaska Oil & Gas Historical Society’s efforts to bring an oil and gas museum to our great state. We will accomplish these goals through multiple channels. Stay tuned for a pilot podcast fo - cused on Alaska’s energy sector featuring balanced, informative conversations with industry leaders with one simple goal: provide facts, context and per- spective, especially for a young - er workforce that is hungry for honest information rather than rhetoric.
and to Rebecca Logan for her continual and incredible work as our CEO. I admire both Jeff and Rebecca for their knowledge, their dedication and — most importantly — their ability to produce results for this organi- zation. I am also extremely grateful for our board members who are always willing to step up and do the work required to keep driv- ing the Alliance forward. 2026 has so much potential. From renewed interest in Alaska mining to the potential of the Ambler Road project. From the excitement around Pikka coming online to the massive opportunity presented by a natu - ral gas pipeline that could deliver generational benefits to every Alaskan — our state is poised for greatness. Alliance members are ready to take on the challenges required to ensure these projects move forward responsibly and suc - cessfully. My name is Skeet Black, and I am honored to serve as the new president of the Alaska Support Industry Alliance. I look forward to working alongside our mem- bers, partners and leaders as we continue advocating for a strong private sector, responsible re- source development and a pros- perous future for Alaska.
Alaska’s Oil and Gas Consultants
The offsite reinforced what makes this organization spe- cial. The Alliance is nearly 600 member companies strong, representing more than 35,000 Alaskan workers focused on sup- porting Alaska’s oil, gas, mining and energy sectors. These are the companies that know how to get work done in Alaska’s aus - tere environments — and get it done right and done safely. We are problem-solvers, builders and operators, and we bring re- al-world experience to conversa- tions that too often overlook the realities of doing business here. I want to take a moment to thank Jeff Baker of Michael Bak - er and Associates for his dedi- cation and steady leadership as board president through 2025,
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3601 C Street, Suite 1424 Anchorage, Alaska 99503
See the members of the Alaska Support Industry Alliance board on Page 46.
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FEATURES
Page 14 BLM reopens areas inside NPR-A for lease The U.S. Bureau of Land Management has cleared the way for the first lease sale in years in the National Petroleum Reserve (NPR-A). Page 24 Graphite One secures more funding support The combined LOIs for Graphite One’s 100% U.S.-based supply chain now total more than $2 billion after added support from the Export-Import Bank of the United States. Page 32 Glenfarne, Donlin sign pact on gas supply Glenfarne Alaska LNG and Donlin Gold sign a letter of intent to develop infrastructure needed to deliver a liquid natural gas supply and power the mine. Page 38 Oil and gas sector set to add most jobs The Alaska oil and gas industry is expected to be the state leader in job growth with 1,000 new jobs expected this year amounting to an 11.1% increase over the 2025 total.
ON THE COVER 2026 will continue to be a big year for Alaska oil and gas production, especially on the North Slope, where projects coming online soon will add to the state’s energy output, forecasters have said. Read more on Page 12.
ON THIS PAGE The Trans Alaska Pipeline System (TAPS) recently celebrated a historic milestone with the 19 billionth barrel of oil passing through the system. Read more about the planning and startup of TAPS on Page 22.
Photo: Hilcorp Alaska
Photo: United Association
THE LINK is published in partnership with the Alaska Support Industry Alliance by Fireweed Strategies LLC, 4849 Potter Crest Circle, Anchorage, AK 99516. We actively seek contributions from Alliance members and the oil and gas, and mining industry. For advertising information and story inquiries, email Lee.Leschper@FireweedStrategies.com.
Our magazine is mailed at no charge throughout Alaska to those interested in resource development and a healthy Alaska economy. To subscribe, email Admin@FireweedStrategies.com.
Publisher: Lee Leschper | Editor: Tim Bradner | Production, Design: Will Leschper Contributing Photographer: Judy Patrick
THE LINK: The Official Magazine of the Alaska Support Industry Alliance | WINTER 2026 6
‘26 must be a time for action Message From CEO Rebecca Logan
A lliance Members and Friends: As we begin the 2026 legislative session, please remember the hidden cost of standing still. Large infrastructure and development projects are of- ten judged by what they cost to build. Far less attention is paid to what they cost not to build. Yet across Alaska and the nation, the price of inaction on major projects is mounting — and it is being paid quietly by families, workers and communities. When large projects stall, uncertainty replaces opportuni - ty. Businesses delay investment, workers look elsewhere for jobs and communities lose the eco- nomic momentum that comes with long-term planning and construction. Projects that could generate thousands of jobs and billions in economic activity are reduced to ideas on paper, while local economies absorb the con- sequences. Inaction also drives up future costs. Inflation, labor shortages
as well. Without new infrastruc - ture, aging systems are stretched beyond their design life, leading to higher maintenance costs, reliability issues and, in some cases, service failures. The ab- sence of modern projects limits energy security, transportation efficiency and access to afford - able resources that communities depend on. Perhaps most damaging is the signal prolonged inaction sends. It tells investors and workers that uncertainty is the norm and that long-term commit- ments carry unacceptable risk. Over time, that reputation can be harder to fix than any single project delay. Choosing not to advance large projects is not a neutral decision. It is an active choice — one that carries economic, strategic and social costs that compound year after year. Here’s to making significant moves forward this session!
and supply-chain disruptions do not pause while projects sit idle. Materials grow more expensive, financing becomes more com - plex and regulatory requirements often multiply. What was once a challenging project becomes nearly impossi - ble, not because the need disap- peared, but because delay made it unaffordable. There are real service impacts
Unlocking More Oil and Jobs on State Lands At Santos, we are proud to develop the world-class Pikka Project on Alaska’s State Lands - creating more revenue and more jobs for Alaskans. Pikka is unlocking 400 million barrels of Alaska’s oil. It has already created thousands of construction jobs and will provide hundreds of permanent jobs. This is just the beginning. By July, 80,000 barrels per day will be added to the Trans Alaska Pipeline System. Santos is building the future of energy in Alaska.
Respectfully, Rebecca
Facebook: www.facebook.com/alaskaalliance X (formerly Twitter): x.com/AKAlliance And if you’re not receiving our updates,
Connect with The Alliance We are working proactively to keep our members informed and connected via online platforms and events. Watch for our updates through email and social media. LinkedIn: www.linkedin.com/in/the-alliance-4939251b
email info@alaskaalliance.org. Stay up to date on our website at AlaskaAlliance.com.
THE LINK: The Official Magazine of the Alaska Support Industry Alliance | WINTER 2026 8
Powered by Possibility
T he 42nd annual Meet Alaska — the state’s largest one-day energy event — is set for March 19 and we hope to see you in Anchorage! For more than four decades, we have gathered each spring to learn, share, network and celebrate Alaska’s resource development industries. Please make plans to join us this year to celebrate our vital industries that are the lifeblood of the Last Frontier and to look both ahead at the coming year’s opportunities and look back at the amazing history we’ve shared, advocating for our The Alliance is composed of more than 500 members providing more than 35,000 Alaskan jobs related to the oil, gas and mining industries. Our mission is to lead and advocate for the responsible exploration, development, and production of Alaska’s oil, gas, energy, and mineral resources, ensuring durable energy future, and building a stronger Alaska and America.
benefits for all Alaskans and fostering economic growth.
For sponsor opportunities, please contact CEO Rebecca Logan at rlogan@alaskaalliance.com.
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North Slope production to rise with new fields
Compared to the Department of Revenue’s Spring 2025 Revenue Fore - cast, which was released in March, the (North Slope) oil price forecast de- creased by $2.52 per barrel for FY 2026 and $5 per barrel for FY 2027. Driven by the revised outlook of oil price and production, the state’s Undesignated General Fund (UGF) revenue forecast decreased by $181 million for FY 2026 and $119 million for FY 2027. The UGF revenue is the largest part of the state budget except for pass-through federal funds and is the amount the Legislature controls through its appropriations.
in the U.S. Pacific Northwest, are ex - pected to remain generally stable. “In FY 2025, transportation costs for North Slope oil averaged $10.55 per barrel; they are expected to average $10.58 in FY 2026 and $10.07 in FY 2027,” fore - casters said. However, “The good news on production is tempered by moderate expectations for oil prices. The revenue forecast is based on ANS oil prices of $65.48 per barrel for FY 2026 and $62 for FY 2027, with longer term prices assumed to be $75 by FY 2036. The oil price forecast is based on futures mar- ket prices through FY 2033, followed by an assumption that prices will increase with inflation thereafter.”
may experience technical problems and underperform compared with ini- tial expectations, state officials have said in past briefings. Despite this, total North Slope production will rise. “From FY 2027 through FY 2034, oil production is expected to increase each year as production from new fields under development and from new drilling on existing fields significantly exceeds projected declines from ex- isting wells,” state forecasters said in their report on new revenue. State forecasters also pay close at - tention to trends in industry spending and transportation costs as these af- fect revenues. That’s because Alaska’s income is partly under its net-profits type state production tax, where many expenses are allowed as deductions, as well as royalty income, where pipeline and tanker transportation costs from the North Slope can be deducted. As expected, the development of new fields is resulting in rising capital ex - penditures by companies on the North Slope and these are expected to remain. “In FY 2025, allowable oil and gas lease expenditures (which can be de- ducted) amounted to an estimated $9.2 billion statewide, including $8.7 billion of spending on the North Slope. Allowable lease expenditures are ex- pected to decrease in FY 2026 to $8.8 billion statewide, including $8.2 bil - lion of spending on the North Slope,” forecasters noted. However, industry spending is ex - pected, both statewide and for the North Slope, to remain above $7 bil - lion per year for the remainder of the forecast period,” or through FY 2027, forecasters said. “These high lease expenditures re- flect continued high levels of activ - ity on the North Slope led by major investments in new developments,” forecasters noted. “Additionally, oil - field costs continue to see significant inflation globally, while high levels of North Slope activity have further in - creased competition for service pro- viders and Alaska remains a remote, high-cost jurisdiction.” Transportation costs, which include oil transit costs on the Trans Alaska Pipeline System and in tanker sail - ing from the Valdez Marine Terminal in south Alaska mainly to refineries
Projection: Output will hike during next budget year Alaska state forecasters are pre- dicting lower oil production in the state’s current budget year but an in - crease next year following the start of the new Pikka oil field in early 2026, according to a long-range production forecast included in the state’s annual revenue forecast released in December. Pikka is expected to see a buildup to its expected peak of 80,000 barrels per day in its first phase of output by mid- 2026. Additional increases will come when Pikka moves into a second phase of development and after ConocoPhil- lips starts up its Willow field, now un - der construction, in 2029. In the state’s fiscal year 2025, which concluded last June 30, Alaska North Slope oil production averaged 468,000 barrels per day but is expected to dip to an average of 457,000 barrels per day in FY 2026, the current year that ends next June. The decline is mainly due to expected decreases in the large, aging North Slope producing fields, accord - ing to the state forecast. It is projected to increase to an av- erage of 517,800 barrels per day in FY 2027, which begins July 1, before in - creasing to 621,200 barrels per day by FY 2036, state forecasters noted. In volume, “oil production forecast decreased by 7,000 barrels per day for FY 2026 and increased by 28,400 bar - rels per day for FY 2027,” compared with the most recent earlier estimates from December. The estimates of future production are conservative and include assump- tions that some new wells, and fields,
— Tim Bradner
Photo Courtesy Santos Ltd.
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Alaska Congressional delegation comments on lockup, responsible energy development
President Donald Trump signed Senate Joint Resolution 80 into law last month which revokes restric- tions on drilling in the National Petroleum Reserve-Alaska. Here are comments from mem- bers of Alaska’s Congressional delegation. “The Biden administration’s 2022 NPR-A Integrated Activity Plan was one of the most blatant examples of federal overreach we’ve seen in Alaska in decades,” said Sen. Dan Sullivan. “This plan effectively locked up about half of the National Petroleum Reserve — an area Congress explic- itly set aside for energy production, ignored Alaska Native voices, violat- ed clear congressional intent, and undermined our state’s ability to responsibly develop the resources that support our communities and strengthen our nation. “As I said in my remarks on the Senate floor, responsible resource development builds infrastructure, supports communities, creates good-paying jobs, and literally leads to my constituents living longer. I wish more of my Senate Democrat- ic colleagues recognized that truth and found the courage to stand up to the far-left Lower 48 eco-colonial- ists who are determined to lock up Alaska, kill good-paying jobs, and silence the people who live there. But I do want to thank the majority of my colleagues in the Senate who stood with me, Senator Murkowski, and Congressman Begich in passing
this resolution—restoring balance, upholding the law, and ensuring Alaska’s resources are managed responsibly for the benefit of our people, our economy, and America’s national security.” “In 2022, the Biden administration cut off access to millions of acres in our petroleum reserve and left only 52% of it available for potential energy leasing. Even as they relaxed sanctions on the likes of Iran and Venezuela, they ignored the require- ments of federal law, the views of North Slope leaders, our history of responsible production, and the need for energy security as they tried to block some of our state’s best opportunities,” said Sen. Lisa Murkowski. “The passage of this disapproval resolution will help us restore bal- anced management in the NPR-A, allowing responsible development to occur as we protect sensitive areas and provide for subsistence rights. I credit Senator Sullivan for leading
this effort and hope the House will return to session very soon to take up this measure.” “The Biden Administration tried to lock up Alaska’s National Petroleum Reserve under the guise of environ- mental protection — policies that did nothing but drive up costs, kill jobs, and keep America dependent on foreign energy. This reckless lock-up of the NPR-A ignored both the law and the people who live closest to these resources,” said Congressman Nick Begich. “Responsible development in the NPR-A means good jobs and greater energy security for our nation, and the passage of this joint resolution puts us one step closer to restoring Alaska’s right to responsibly develop our abundant resource potential. I thank Senators Sullivan and Murkowski for their leadership in the Senate on this important issue, and I look forward to advancing this reso- lution in the House to ensure Alas - ka’s voice is heard loud and clear.”
BLM reopens vast areas inside NPR-A for leasing One Big Beautiful Photo Courtesy ConocoPhillips Alaska ConocoPhillips, whose Willow discovery is in the northeast part of the National Petroleum Reserve (NPR-A), has proposed plans for a large exploration season this winter, which could set the stage for more discoveries.
would open nearly 82% of the 23-mil - lion-acre reserve to oil and gas leasing. The decision aligns management of the petroleum reserve with a 2020 NPR-A plan developed in President Donald Trump’s first term and replaces the previous land plan developed under former President Joe Biden that made about half of the reserve available. “This updated plan is a major step forward in restoring the National Petro- leum Reserve in Alaska to the purpose Congress intended,” for strategic do- mestic energy supply, said Acting BLM
Director Bill Groffy. “By opening more of the reserve to responsible develop- ment, we are helping meet national en- ergy needs while continuing the legacy begun in the 2020 plan for thorough environmental review and strong en- gagement with Alaska communities.” The Bureau of Land Management completed an environmental assess- ment to evaluate any new circumstanc - es and information that had emerged since 2020. As part of that process, the
Bill Act directed new lease sales The U.S. Bureau of Land Manage - ment has cleared the way for the first lease sale in years in the National Pe - troleum Reserve (NPR-A). The agen- cy approved an updated Integrated Activity Plan for land management for the NPR-A in late December that
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National Petroleum Reserve-Alaska history
The oil is shallow and of high qual- ity, but the deposit was never devel- oped for production. Companies are still interested in Umiat, however, because of the poten- tial that additional resources can be added. Congress meanwhile transferred the reserve to the Department of the Interior in 1976, renaming it the Nation- al Petroleum Reserve-Alaska. In the 1980s President Ronald Reagan decided it was time to turn the exploration over to private industry, and the first lease sales in NPR-A were held. At first industry drilled its share of dry holes, but then exploring com- panies developed new technologies in the 1990s and after 2000 that began to make commercial-size discoveries.
needed to have sources of oil supply even though, in the case of the slope, it was just potential. It was to remain just potential for decades. After years of dry holes, many drilled by the Navy itself and others later by the U.S. Geological Survey, and by contractors working for the U.S.G.S., only small oil and gas finds had been made, all uneconomic in a commercial sense. A gas field was discovered at Barrow (now Utqiagvik ) which now supplies the community with energy for power generation and space heat- ing. A small oil field was discovered at Umiat, on the Colville River along the southeast boundary of the reserve with state lands.
The 23-million-acre National Pe- troleum Reserve-Alaska is almost 100 years old. Explorers have been search- ing for commercial oil and gas for almost 70 years in the reserve. Major discoveries are just now being made. NPR-A is a 23-million-acre feder- al enclave west of the North Slope’s large producing fields. Explorers have drilled wells for years there beginning in the 1950s when the reserve was the U.S. Naval Petroleum Reserve No. 4. The reserve was created in 1923 by President Warren Harding on the advice of federal geologists who even then, just after Alaska’s gold rush era, were exploring North Slope geological formations for their oil potential. The U.S. Navy was converting its ships from coal to oil and the Navy
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out a program of competitive oil and gas leasing and development with pri- vate companies leading the exploration and development, while also protecting surface values to the extent consistent with the exploration and production requirements of the 1976 law. Interior’s decision in late December is part of a broader effort to increase access to federal lands in Alaska, the agency said. It follows the recent rescis - sion of the 2024 rule under the admin - istration of former President Joe Biden that restricted leasing in the reserve. The action advances the Trump Ad- ministration’s efforts to expand do - mestic energy production under Exec - utive Order 14153 and Secretary’s Order 3422, strengthening American energy security and economic opportunity. The BLM is preparing to hold a lease sale in the reserve this winter, the first of five directed under the One Big Beautiful Bill Act. While the agency has offered tracts in the area since the 1980s, this will be the first lease sale since 2019. The BLM initiated the process in October with a Call for Nominations and Comments, and will soon announce sale details in
a Notice of Sale. The 23-million-acre reserve is the largest federally managed tract of land in the United States. It is also where ConocoPhillips has made its Willow discovery in the northeast part of the reserve. ConocoPhillips has proposed plans for a large exploration season this winter, which could set the stage for more discoveries. The Voice of the Arctic Iñupiat, an organization of elected leaders from North Slope communities, said it sup- ports the reversal of the restrictive Biden plan. Infrastructure from oil and gas activity provides tax revenue for education, health care and modern services like running water and sew- er, the group said in a statement. The decision “lays the foundation for future economic, community, and cultural opportunities across our region — particularly for the communities within the (petroleum reserve),” said Rex Rock Sr., President of the Arctic Slope Regional Corp., the Alaska Native regional corporation for the area.
agency invited consultation with tribes and Alaska Native Corporations, and held a 14-day public comment period on the draft assessment. “The plan approved gives us a clear framework and needed certainty to harness the incredible potential of the reserve. We look forward to continuing to work with Alaskans, industry and local partners as we move decisively into the next phase of leasing and de- velopment,” BLM Alaska State Direc - tor Kevin Pendergast said. Congress first established the re - serve, formerly known as Naval Pe - troleum Reserve No. 4, as a strategic domestic energy source to support the U.S. Navy’s energy needs during war - time. Then known as NPR-4, the re - serve was managed by the Navy, which also carried out a government-spon- sored exploration program. In 1976, Congress transferred man - agement to the Interior Department and the BLM. The Naval Petroleum Re - serves Production Act of 1976 directed the Secretary of the Interior to carry
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Alaska Safety Handbook rollout is a success!
The Alliance would like to say a huge thank you to the leadership teams at ConocoPhillips Alaska, Hilcorp, Santos and Glacier Oil and Gas, who rolled out the new 2026 Alaska Safety Handbook at our December Alliance breakfast. The safety of all of our Alaska employees across all of our industries is our No. 1 priority, and we appreciate the effort and work that went into updating this important guide.
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Become a Founding Member of The Alaska Oil & Gas Historical Society The Alaska Oil & Gas Historical Society (AKOGHS) is a nonprofit organization dedicated to preserving and sharing the history of the oil and gas industry in Alaska. Our mission is to educate the public about the important role oil and gas have played in shaping the state and its people, and to preserve the legacy of those who have worked in the industry. If you are interested in learning more about the history of Alaska’s oil and gas industry, or if you would like to become a member, we invite you to explore our website and join us in our mission to preserve and share this important part of Alaska’s heritage. Learn more today at akoghs.org.
Thank you to everyone who joined us recently for The Alliance lunch in Fairbanks where guest speaker Todd Smoldon from the Governor’s Office shared valuable and engaging insights with our members. As we look ahead to the rest of 2026, we appreciate the continued collaboration that keeps Alaska’s industries moving forward!
Plan now and join us for The Alliance’s events and breakfasts in 2026. See the full list on Page 44.
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1976: Alaska in the final year before TAPS startup
B y 1976, Alaska had entered the final phase of preparation for the startup of the Trans-Alaska Pipeline System (TAPS). Nearly a decade after the discovery of oil at Prudhoe Bay in 1968, the pipeline — authorized in 1973 and largely constructed by the mid-1970s — stood on the verge of operation. The year marked a critical transition from large- scale construction to system testing, regulatory oversight, and political planning for the economic consequences of oil production. Pipeline Completion and System Testing While major construction activities had concluded by 1976, the pipeline had not yet been placed into service. Alyeska Pipeline Service Company devoted the year to commissioning and integrity testing of the 800-mile system. These efforts included hydrostatic pressure tests, inspection of welds, calibration of pump stations and evaluation of elevated pipeline sections designed to accommodate permafrost and seismic risk. Engineering concerns were shaped by lessons from the 1964 earthquake and by growing federal scrutiny following legal challenges earlier in the decade. The emphasis in 1976 was not
on housing, public services and transportation. The terminal’s completion underscored Alaska’s integration into global oil markets. Political Developments and Fiscal Planning The approach of oil revenues intensified political debate in 1976 over fiscal policy and long- term economic planning. Most notably, Alaska voters approved a constitutional amendment establishing the Alaska Permanent Fund, mandating that a portion of mineral revenues be reserved for future generations. This decision reflected a recognition that oil wealth would be finite and that previous resource booms had left little lasting benefit. The Permanent Fund represented an early effort to institutionalize savings and mitigate the volatility associated with resource-dependent economies. Labor and Economic Transition The workforce that had driven pipeline construction began to decline in 1976 as projects wound down. Communities that had expanded rapidly during the construction years — particularly Fairbanks — faced uncertainty as employment shifted from construction to operations and support services.
on speed but on operational reliability and environmental protection, reflecting both regulatory requirements and public expectations. Prudhoe Bay and Production Readiness On the North Slope, oil producers completed final preparations for sustained production. Facilities at Prudhoe Bay — including gathering lines, processing plants and storage systems — had been developed in advance of pipeline completion, but production volumes remained constrained until oil could be transported south. The delay between discovery and delivery had economic and political consequences. By 1976, Alaska and its industry partners were poised to transition from speculative development to revenue generation, ending years in which oil remained stranded despite confirmed reserves. Valdez and the Marine Terminal At the southern terminus of TAPS, construction of the Valdez Marine Terminal neared completion. The facility included storage tanks, loading berths, and navigational infrastructure designed to accommodate large oil tankers. Valdez, historically a small fishing and port community, experienced rapid growth and increasing demands
The state confronted questions about population stability, long-term employment and the capacity of oil production to replace the economic activity generated by construction. National Context The significance of TAPS extended beyond Alaska. In the aftermath of the 1973–74 oil embargo, Alaska North Slope oil was viewed as a strategic domestic energy source. Federal policymakers closely followed the project’s progress in 1976, anticipating its contribution to reducing U.S. dependence on foreign oil. In retrospect, 1976 was a transitional year rather than a climactic one. Oil had not yet begun to flow, but the physical infrastructure, regulatory framework, and fiscal institutions necessary for Alaska’s oil era were largely in place. The year marked the end of construction and the beginning of a new phase defined by production, revenue management and environmental responsibility. The startup of TAPS in 1977 would confirm the magnitude of the transformation already underway, but it was in 1976 that Alaska stood fully prepared to enter the oil age.
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Graphite One secures more funding support Supply chain LOIs Bank of the United States (EXIM) for potential debt financing. Photos Courtesy Graphite One The Graphite Creek project is recognized by the U.S. Geological Survey as the largest graphite deposit in the U.S. and among the largest in the world.
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lion to $1.4 billion with a repayment tenor of 15 years under EXIM’s Make More in America Initiative. The large increase of the Ohio fa- cility LOI will support a phased in - crease in production capacity in 25,000 metric ton increments to an annual production rate of 100,000 metric tons of anode active material,
The previous EXIM LOI to finance the company’s Graphite Creek Proj - ect north of Nome — $570 million — was increased to $670 million under the amended agreement. In addition, the EXIM LOI for Graphite One’s ad - vanced graphite materials manufac- turing plant planned for northeastern Ohio, was increased from $325 mil -
now total more than $2 billion
Graphite One announced in mid-December that it received amended, non-binding letters of in- terest (LOI) from the Export-Import
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EXIM policies as well as program, legal and eligibility requirements. Given China’s dominance over global graphite production, the EXIM Letters of Interest indicate the transaction may also be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorization (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People’s Re - public of China and other covered countries for opportunities such as this one under EX - IM’s CTEP initiative. The Graphite One Project supply chain strategy involves transporting material to the lower 48 via the Port of Nome to an an - ticipated advanced graphite material and battery anode material manufacturing plant to be located in Warren, Ohio, subject to project financing. The plan also includes a potential recycling facility to reclaim graph - ite and the other battery materials, to be co-located at the Ohio site, the third link in Graphite One’s circular economy strategy.
Independent tests confirm elevated magnet, rare-earths at Alaska graphite deposit
eign-sourced graphite when we have a generational resource in Graphite Creek anchoring a 100% U.S.-based advanced graphite materials supply chain.” Graphite One said it expects to submit a formal application to EXIM under both LOIs in 2026. Upon re - ceipt, EXIM will conduct all requi - site due diligence necessary to de - termine if a final commitment may be issued. Any final commitment is subject to EXIM’s eligibility, credit, and approval requirements and sat- isfaction of terms and conditions. All final commitments must comply with position as a truly generational de- posit,” Huston said. “Given the robust economics of our complete graphite materials supply chain, the presence of rare-earths at Graphite Creek sug- gests that recovery as a by-product to our graphite production will maximize the value of what is already the U.S.’s largest natural graphite deposit.” magnetic, optical and catalytic proper- ties make them indispensable across military applications and commercial electronics, renewable energy, and telecommunications — underscor- ing their strategic importance to U.S industry and national security. China, the world’s largest producer of the full range of rare-earths, im- posed export limits on the magnet rare-earths in February 2024 and tightened graphite exports in Decem- ber 2024, highlighting the importance of the development of Graphite Creek Mine. “The presence of two Defense Production Act Title III materials – graphite and REEs – in a single deposit further underscores Graphite Creek’s
dent and Chairman of EXIM. “This is exactly the kind of project President Trump’s agenda demands: securing critical minerals, revitalizing Amer- ican manufacturing capacity, and helping support the jobs of the future across our great country.” Anthony Huston, President and CEO of Graphite One, echoed the sen- timents. “All of us at Graphite One are so appreciative of the support we are receiving from EXIM under the lead - ership of Chairman Jovanovic,” Hus- ton said. “There is no reason the U.S. should be dependent on for- Yttrium in garnets ranges from 198-427 ppm; Scandium ranges from 84 to 141 ppm. “While these results are prelimi- nary, they are clearly promising,” said Anthony Huston, President and CEO of Graphite One. “Few rare earth depos- its have such a strong presence of magnet and heavy rare-earths. With Graphite Creek already confirmed by the USGS as the nation’s largest natural graphite deposit ‘and among the largest in the world,’ the presence of 14 magnet or heavy rare-earths at Graphite Creek further confirms that ours is a generational deposit for the tech applications transforming our world.” Rare-earth elements are vital to 21st century technology, with neodym- ium, praseodymium, dysprosium, ter- bium and samarium forming essential building blocks of powerful permanent magnets used in wind turbines, elec- tric vehicles and advanced defense systems such as precision-guided mu- nitions and radar. Rare-earth elements further enable high-performance fiber optics, lasers, catalysts and phosphors in displays and lighting. Their distinct
Graphite One announced Dec. 16 that results from independent analy- sis of Graphite Creek garnet material confirm the presence of rare-earth ele - ments in the Graphite Creek deposit, with elevated levels of the magnet and heavy rare-earth elements (HREE). The drill core samples were from the an- ticipated pit outlined in Graphite One’s feasibility study completed in Febru- ary 2025, suggesting that rare-earth element recovery could potentially proceed alongside graphite extraction in the early years of mining operations. Key findings from the testing per - formed by Activation Laboratory of Ancaster, Canada, include: n Bulk rock geochemical analyses indicate that Graphite Creek hosts an increased proportion of “Magnet REEs” and HREEs relative to LREEs. n Garnets, known for housing HREE+Sc+Y in their mineral structure, appear to be the reason for the rela- tive abundance of HREEs at Graphite Creek. n 85% of the REEs in the garnet material are magnet or HREEs. n Dysprosium in the garnets rang- es from 32-63 parts per million (ppm);
BUILDING ALASKA ONE OUNCE AT A TIME CONAM’s track record of successful projects has proven that resource development can be done responsibly while protecting Alaska’s fragile environment. Our firm understanding of Alaska’s unique challenges and commitment to HSSE and planning have translated into
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according to Graphite One. The com- bined LOIs for Graphite One’s 100% U.S.-based supply chain solution now total more than $2 billion. The LOIs are executed through EXIM’s “Make More in America” and “China and Transformational Exports Program” initiatives. “Graphite One is building Amer- ica’s graphite supply chain from the ground up — from the largest nat- ural graphite deposit in the country in Alaska, to processing facilities in Ohio,” said John Jovanovic, Presi-
satisfied mining clients across the state. We get dirty so you get the pay dirt.
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Ambler Metals resumes exploration projects Trilogy Metals will
ramp up efforts at Arctic, Bornite After a two-year pause, explora - tion in the Ambler Mining District of Northwest Alaska will resume this year. Trilogy Metals Inc. announced a 2026 exploration program and budget for Ambler Metals LLC, the joint-venture with Australian-owned South 32 that is exploring discoveries of copper and other metals in the Ambler region. The program will focus on advanc- ing the finds toward permitting, tech - nical de-risking and long-term devel- opment, Trilogy said. The resumption of work follows the companies’ decision to pause activi - ty after Deb Haaland, Interior Secre - tary under former President Joe Biden, canceled permits for the Ambler Access Project, a 211-mile industrial road that would connect the region to the state’s Dalton Highway to the east. President Donald Trump has re- stored the permits, which is encour- aging the companies to renew work in the area. The 2026 program totals approximately $35 million for the ad - vancement of the Upper Kobuk Mineral Projects located in northwestern Alas- ka, Trilogy said. The amount is roughly on par with the companies’ work for the two years prior to Haas cancelling the road permits. “The 2026 work program represents a pivotal year of progress for the UKMP as Ambler Metals prepares to initiate the mine permitting process for the Arctic Project, while continuing to ad- vance the technical and organizational foundations required for future devel- opment,” Triology said in a statement. “The joint venture is planning mine
MEET ALASKA 2026 Make plans now to join us March 19 at the Captain Cook Hotel in Anchorage for the largest one-day energy conference in Alaska! Meet Alaska
Photo Courtesy Ambler Metals Ambler Metals will prepare the Bornite Project camp for ongoing exploration and multi-year use.
permit submissions in 2026, poten - tially leveraging federal expedited programs such as FAST-41, subject to project readiness and continued en- gagement with stakeholders. FAST-41 is a U.S. federal framework designed to enhance coordination, transparency and predictability for permitting critical infrastructure projects,” Trilogy said. Ambler Metals will also advance the engineering, environmental and technical programs required to sup- port a future final investment decision for mine construction and operations, Trilogy said. Although exploration has been underway for decades in the Am - bler region with significant discoveries made, more drilling is needed to “prove up” the reserves needed to justify the road construction, which is estimated to cost in excess of $500 million. Exploration in 2026 will focus pri - marily on the Arctic Project including geotechnical and condemnation drill- ing to support mine design, infrastruc- ture placement and future produc- tion planning, Trilogy said. Arctic is a high-grade deposit composed mainly of copper that is of the significant finds
made so far. Ambler Metals will also be preparing the Bornite Project camp for ongoing exploration and multi-year use. The joint venture plans to open the Bornite camp during the 2026 summer field season to conduct geotechnical and exploration drilling, along with general camp maintenance and capital improvements to support future pro- grams. During 2026, the joint-venture will also reestablish an independent man- agement team dedicated to managing the next stages of advancement at the UKMP. Ambler Metals will also continue to evaluate, through its existing ar- rangement with the Alaska Industrial Development and Export Authority the potential for early-stage funding op - portunities to support advancement of the Ambler Access Project, also known as the Ambler Road, the company said. The 211-mile proposed road would be for industrial use only and is intended to enable exploration and development at the UKMP.
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— Tim Bradner
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Alaska budget outlook again at the forefront
Crowther named DNR Commissioner-designee
through stewardship and responsible use of our resources.” Crowther first started at the depart - ment in 2012 and most recently served as deputy commissioner managing its oil and gas, project permitting and geological survey divisions. Before serving as deputy commis- sioner, he worked as director of state and federal relations for Alaska, based in Washington, D.C., and as counsel to U.S. Sen. Lisa Murkowski on the Senate Committee on Energy and Natural Re- sources. He is originally from Anchor- age and earned his bachelor’s degree in economics from Dartmouth College and juris doctorate from Georgetown University Law Center.
Alaska Governor Mike Dunleavy re- cently named John Crowther commis- sioner-designee for the Alaska Depart- ment of Natural Resources. Crowther was appointed acting commissioner last month and his name is submitted to the Alaska Legislature for confirma - tion during the 2026 session. “John Crowther brings a deep understanding of Alaska’s natural re- sources and a proven commitment to responsible stewardship. His balanced approach to development and con- servation makes him an exceptional choice to lead the Department of Natural Resources and serve the long- term interests of Alaskans,” Dunleavy said.
compared with the amount recom- mended by the Alaska Retirement Management Board. In addition, no assumptions are included for state employee union contracts still under negotiation. There are also no increases shown for the state’s roughly 50% share of Medicaid due to federal changes. The outlook for future revenues is mixed in the fall revenue forecast, with declines in production and oil prices expected in the near-term but increases expected after new oil fields on the North Slope begin pro - ducing. Also, the state has a cushion against uncertainty in oil revenues. The bulk of income to support the state budget now comes from earnings from Alaska’s $85 billion Permanent Fund, and this income is up. In FY 2026, the current budget year, the Fund paid $3.8 billion to support the budget. This will rise to $4 billion next year, in the FY2027 budget year. The governor also said he will propose a long-range fiscal plan to be presented to the Legisla- ture, which will include new revenue measures. While some people believe a new state personal income tax is the most effective way to bring in substantial income, this would be politically dif - ficult in the 2026 legislative session particularly since this is an election year. A state sales tax appears the next best revenue option although it has complications. Local sales taxes ex- ist in most Alaska municipalities so there is a potential for “pancaking” in sales tax with a state tax added to a local tax.
large draw on savings to fund a large PFD. However, the governor has cham- pioned a large PFD every year since being elected in 2018 and his desire for a large dividend, in his final year in office, will affect the Legisla - ture’s deliberations on the budget. The legislative politics appear to be against him but the governor still has a lot of influence. He could, for example, threaten to use his line-
Governor again pushes for larger PFD payments It will be another tight year for money, with oil prices expected to dip along with oil production. How- ever, there appears to be enough money to pay most of the state’s
“The Department’s constitution- al mission to develop, conserve and maximize the use of Alaska’s natu- ral resources is critical to our state,” Crowther said. “I will continue work- ing as hard as I can to advance this mission and improve Alaska’s future
item veto power to cut enough from spending for a PFD larger than $1,000, although a very large dividend seems unlikely. Meanwhile, the budget as proposed is close to being balanced without the large divi- dend, according to the Legislative Finance Di- vision. Total Undes- ignated General Fund (UGF) spending, which the amount the Legis- lature directly controls
bills including a Per- manent Fund Dividend (PFD) of about $1,000, the same amount paid this year. This is according to an analysis by the non - partisan Legislative Fi- nance Division. There could even be a small $130 million surplus, but unexpected ex- penses could consume that, the finance divi - sion noted. Gov. Mike Dunleay is pushing for a large
in appropriations, is $6.085 bil - lion in the governor’s budget plan against revenues of $6.216 billion. The estimate includes the governor’s capital budget of $159.6 million and a 3% inflation increase of $50.7 mil - lion in K-12 school funding. However, the governor’s plan so far does not include several key items, so the expenditure total will inevitably rise. For example, the capital budget so far includes only the required match to federal funds and has no capital projects for state agencies or school districts. The budget also appears to understate the state contribution to public em- ployee retirement by $37.7 million
PFD but that would throw the bud- get out of balance by about $1.9 bil - lion, requiring a large draw from the state’s Constitutional Budget Re - serve (CBR), leaving $1 billion in an emergency savings account that now has just under $3 billion. The size of the CBR draw and the politics of this make the large dividend highly un - likely, however. Withdrawals from the reserve ac - count require a three-quarters vote in the House and Senate, which is unlikely given the current partisan makeup of the two bodies. Demo- crats and moderate Republicans are in the leadership positions in both bodies. Generally, they oppose a
— Tim Bradner
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