Furie Operating Alaska is working to initiate a production rate of 85 million cubic feet of Cook Inlet natural gas by January 2016 while other oil and gas giants continue to announce job cuts.
We asked Senior Vice President Bruce Webb how they have continued in its forward motion, like installing their latest mini-monopod platform northwest of Nikiski, amidst dropping oil prices.
Webb: “Most of our funding comes from private German investors and to be honest they think we’re some kind of ‘Nostradamus’ team because when we started the project we wanted to drill natural gas wells with the natural gas prices and the German investors kept telling us ‘No, no, no, drill for oil, why do you want to drill for gas?’.”
Webb said the company held its course and drilled the Cook Inlet gas well in the Kitchen Lights Unit, thus the drop in oil prices over the last year have hardly affected Furie.
Webb: “Except for maybe a little lower industry costs on some of the different suppliers and vendors.”
He said the Cook Inlet is an island market in the way that it is not tied to Lower 48 natural gas prices, some of which are tied to crude oil markets.
Furie plans to continue natural gas exploration and additional development wells next year after the Kitchen Lights No. 3 well begins production.
