Fabian Wirnkar will give us an update on BP Alaska’s North Slope operations and plans to unlock 40 more years of oil and gas. He will also discuss BP Alaska’s major 2019 seismic plans and give us the latest on advancing Alaska’s LNG.
We will be ordering a variety of sandwich wraps and salad from PitaPit.
Alaska’s North Slope has seen a substantial uptick in investment in new oil and gas projects, and producers have announced several major new oil discoveries – one of which has the potential to be the second largest find in North America. ConocoPhillips, for example, has invested significantly in the North Slope calling 2018 the biggest drilling season in 15 years. According to a recent study by the London based analytics firm, IHS Markit, the North Slope’s crude output could increase by as much as a whopping 40 percent in the next eight years. This new activity would mean a substantial increase in oil moving into the Trans Alaska Pipeline, more jobs, and more revenue to the State in future years.
On Wednesday Commonwealth North will host a forum to discuss these new investments and discoveries on the North Slope and their potential impact on Alaska. The panel will include ConocoPhillips Alaska Vice President, Scott Jepsen, and Department of Commerce Commissioner, Mike Navarre.
Ed King, Principal of King Economics Group, will present his views on the Permanent Fund, the recent POMV legislation, and forecasting methodology. This program is a continuation of our series of study group meetings to understand the Permanent Fund in detail and consider making policy recommendations.
Co-chair Eric Wohlforth and study group member Brian Hove recently issued memos to the group exploring several discussion points regarding the Permanent Fund. I recommend reviewing them for Friday’s meeting.
Valerie Mertz, Chief Financial Officer at the Alaska Permanent Fund Corporation, will join us from Juneau to present the Fund’s latest Financial History and Projections report, and help us understand how to interpret it. This program is a continuation of our series of study group meetings to understand the Permanent Fund in detail and consider making policy recommendations.
Angela Rodell will join us to discuss the Fund’s management, present the latest financial report, and answer our questions. This meeting is a continuation of our series of study group meetings to understand the Permanent Fund, and consider making policy recommendations.
We will not be having a Fiscal Policy Study Group meeting this Friday, but stay tuned for announcements about next week’s meeting.
In the meantime, you might be interested in reviewing some of the extensive material the Alaska Permanent Fund Corporation publishes on their website including performance reports and papers submitted by trustees.
Craig Richards, Member of the Alaska Permanent Fund Board of Trustees
Friday, August 17th
8am-9am
Morris Communications
301 Arctic Slope Ave
This Friday, Craig Richards will join us to discuss how the fund is managed, the potential risks and benefits to restructuring the fund, and answer questions from the group. This meeting continues our series on the Permanent Fund and our work toward producing a study group report.
Craig served as Alaska’s Attorney General from 2014 to 2016. He holds an MBA from Duke University and a JD from Washington & Lee University. Craig was reappointed to the Board of Trustees for a four-year term in 2017. He had previously served as a Trustee from 2015 to 2016.
Commonwealth North is proud to host Mark Rosen, SVP and General Counsel for CNA, based in Arlington, VA, to discuss the rapidly growing international investment in Arctic development and his recommendations for how Arctic countries must prepare for this increased activity. Nations all over the globe are investing in Arctic resource development. Alaska and the handful of Arctic nations will be directly impacted by this development, especially in the event of an emergency or industrial accident.
Rosen argues, “Special care needs to be taken to ensure that development takes place in a responsible manner and ensures that the states or regions that are the recipients of foreign direct investment (FDI) are capable of monitoring it, regulating the underlying activity, and enacting safeguards if a project goes sour. Care must also be taken to safeguard the rights of indigenous populations to ensure that there are not displaced from their lands because of resource degradation or social conditions.” His research closely examines China’s evolving natural resource strategy in the Arctic and its past investments in South America and Africa.
Mark Rosen is an expert in maritime law and policy, maritime arms control, the Arctic and regulation of the global commons, international law and treaties, the law of armed conflict and homeland security. He is a retired Navy captain who served with the Navy Judge Advocate General’s Corps as an international law attorney and military planner. He holds an LL.M. in International and Oceans Law from the University of Virginia and both a B.A. and J.D. from the University of Georgia. CNA is an independent non-profit research organization founded in 1942 that provides research and analysis for the US military and other government agencies.
Ralph Townsend, Director and Professor of Economics at UAA’s Institute of Social and Economic Research, will give the study group a breakdown of how the Permanent Fund operates and how the recent POMV legislation may affect the fund. This briefing will give us a baseline understanding of the fund as we continue our series on the Permanent Fund and work toward producing a study group report.
Friday, August 3rd 8am-9am Morris Communications 301 Arctic Slope Ave
Discussion about the Permanent Fund & New CWN Study
Study Group Co-chair, Eric Wohlforth, will lead a discussion about how the Permanent Fund is managed and the impact of the State’s increasing use of the Earnings Reserve to fund government. This meeting kicks-off as series of discussions we will have to gain a deeper understanding of the Permanent Fund and work toward producing a Commonwealth North report.
Please review Eric’s memo which outlines potential topics for us to study in detail.
Eric is an Alaskan attorney who served as Commissioner of Revenue from 1970 to 1972 investing $900 million in lease sale proceeds. From 1995 to 2006 he served on the Alaska Permanent Fund Corporation Board of Trustees (the longest such service to date) and was elected vice chair and chair twice of that Board. Eric is also a board member and past president of Commonwealth North.
The teleconference number will be (907) 276-4900.
Morris Communications 301 Arctic Slope Ave (near the Dimond Costco)
