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Alaska Oil December Output Falls 4.6% From Year Earlier

Jan. 3 (Bloomberg) -- Alaskan crude oil production fell 4.6 percent in December from a year earlier, according to the Alaska Tax Division.

Production in December averaged 622,355 barrels a day, a decrease from 652,064 a year earlier and from 624,687 in the previous month, according to a posting on the state website. Output peaked for the month at 641,212 barrels on Dec. 1 and touched a low of 607,525 barrels Dec. 30.

Alaska production has declined every year since 2002, U.S. Energy Department figures show, as falling output from existing wells hasn’t been matched by new additions. The bulk of the state’s oil is produced in the Prudhoe Bay area.

Oil inventories in the state averaged 3.2 million barrels for the month, ranging from 847,397 on Dec. 11 to 5.4 million on Dec. 5. The state corrected an earlier posting that said inventories touched 329,771 barrels on Dec. 19. Stockpiles were actually 3,329,771 that day.

Alaskan oil is shipped along the 800-mile (1,287-kilometer) Trans Alaska pipeline from Prudhoe Bay on the North Slope to Valdez, the northernmost ice-free port in the U.S.

To contact the reporter on this story: Gene Laverty in Calgary at glaverty@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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