State's new method for predicting oil production could mean lower forecasts
 Author: Tim Bradner, Petroleum News   Updated: 9 hours ago   Published 10 hours ago
An apparent sharp drop in projected Alaska oil output in the state's most recent production forecast is due more to a change in forecast methodology than underperformance of wells and fields, officials at the state Division of Oil and Gas said.

Under the new forecast released Dec. 14, Alaska will produce an average of 490,300 barrels per day in the current fiscal year instead of the 507,100 barrels per day estimated in the most recent previous estimate made last spring.

The estimates also reduced expected output for next year, in fiscal year 2018, the 12-month period beginning July 1, from an average of 488,800 barrels per day to 455,600 in the new estimate.