Today your author will address the Kenai Chamber of Commerce

The Daily Caller, by Congressman Doc Hastings (NGP Photo).  The volatility in the Middle East is a stark reminder that our economy and national security are linked to unstable regions of the world and will continue to be as long as the United States remains dependent on foreign energy. America can no longer afford to overlook the national security implications that come from not developing our energy resources here at home. Adopting a true all-of-the-above energy approach will lead us to greater energy independence and a stronger economy.

Oil and Gas Insight.  Alaskan state lawmakers have introduced legislation to abandon the Alaska Gasline Inducement Act (AGIA), which promises US$500mn of state funding to build the proposed Alaska Gas Pipeline. The pipeline is designed to commercialise gas from the Alaskan North Slope through a pipeline link to a proposed liquefied natural gas (LNG) terminal at Valdez. The withdrawal of state support would severely damage the prospects of the project going ahead, especially considering the current depressed gas market prices in the US.

Petroleum News Alaska reports this morning: Eni Petroleum has started production from its Nikaitchuq unit on Alaska’s North Slope.  The Italian company made the announcement from its Milan headquarters this morning.  Eni expects the nearshore field to produce for 30 years, peaking at 28,000 barrels per day, and estimates the field contains some 220 million barrels of recoverable reserves.  Eni is in the early stages of a 52-well development plan at Nikaitchuq. The company said it has already drilled 12 wells and expects to finish the rest by 2014. Eni is drilling those wells from a combination of onshore and offshore drilling sites. Some of the extended reach wells are designed to run 4,000 feet vertically and up to 20,000 feet horizontally.  Nikaitchuq is only the second North Slope unit not operated by BP or ConocoPhillips.