Last week another signal of economic hope pulled into Cook Inlet.
The arrival of Buccaneer’s Endeavour-Spirit of Independence jack-up rig in Kachemak Bay ending its journey from Singapore is another exciting chapter in the novel of Cook Inlet’s oil and gas resurgence.
Perhaps what is larger than the rig itself are the expectations that locals and the industry have for it. Last year Furie Operating Alaska brought the Spartan 151 jack-up rig to the Inlet signaling the start of what we hope is a renaissance. They drilled only shortly last year and found a large pocket of gas in the Kitchen Lights unit. This year they are continuing to explore.
Now, as the Endeavour pulls into the Homer dock for maintenance and upgrades before it heads to the Northwest Cook Inlet unit to explore for oil and gas, our local service companies are getting some much needed extra work.
We hope Buccaneer continues that trend – local hires and local support. The added tax revenue that will come from the jack-up rig is great and will help at all levels of the borough immediately.
What is even better are the spin off effects it will have. Other companies will likely see two jack-up rigs exploring our area with high hopes for production and prolonged development and that could give them added incentive to come the area as well.
Our expectations for the Endeavour and of Buccaneer are much the same for all oil and gas in the Inlet — we want clean, safe and responsible exploration and a company that continues to be a good corporate community member.