Alaska’s Economic Future—Reasons for Optimism
By Charles Bell, VP of Sales
A

way with the naysayers and the pessimists… I am here to say that I am optimistic about the economic future in Alaska for 2021 and beyond. Yes, we’re still in a pandemic and industries are suffering, but Alaskans are resilient and good things are on the horizon. Using a little 20/20 vision and looking into the crystal ball, here are but a few macro reasons join in my optimism:

  • ConocoPhillips Willow Project received its final EIS ROD and Greater Mooses Tooth 2 (GMT-2) should achieve first oil production in Q4 2021.
  • Oil Search entered the FEED stage on the Pikka Phase 1 oil project with an investment decision by the end of 2021.
  • Oil prices are projected to be stable in the mid-$40.
  • The Ambler Access Road with 2020 BLM approval will provide access to the Ambler Mining District, one of the largest undeveloped copper-zinc deposits in the world.
  • Donlin Gold is one of the largest and highest grade open pit gold mine projects in the world with an estimated 33.8 million ounces of probable gold reserves.
  • The real estate market is stable with a statewide increase in home sale prices of 4.3% to 11% and historically low-interest rates, according to Northrim Bank Economist Mark Edwards
  • The tourism industry is starting to see some signs of recovery for 2021, according to an article authored by Scott McMurren published in ADN.
  • The USGS released a January 2020 report on potential undiscovered oil and gas reserves in the Central North Slope region estimating 3.6 billion barrels of undiscovered and technically recoverable oil and 8.9 TCF of natural gas.

Life is full of uncertainty, and the pandemic certainly isn’t over. As we navigate 2021, remain positive! Mindset is such an essential aspect of determining success. Remember there are plenty of outstanding opportunities ahead.

Charles Bell, Vice President Sales & Marketing

Optimist Prime
(Transformers pun)

Charles Bell is the Vice President of Sales at Alaska Business Publishing Co. and is known for his witty puns and successfully helping advertisers reach their target audience. Having worked at Alaska Business since 1998, Charles is well-versed in Alaska’s economic landscape and looks forward to assisting magazine clients with their marketing endeavors.

Alaska Business
Charles Bell
907-257-2909 | [email protected]
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