Port Graham Corp. and Chugach Alaska Corp. Create joint venture: PGC Energy Services

PGC Energy ServicesPort Graham Corporation forms Joint Venture to target Energy Services, Port Graham Corp. and Chugach Alaska Corp. have formed a joint venture, PGC Energy Services JV, focused on energy services and offshore oilfield support in the Cook Inlet region.

The first project of the new venture is to provide winter mooring and support in Port Graham  for safe harbor of the Spartan 151 jack-up rig. Port Graham offers a unique sheltered ice-free storage location strategically positioned in Cook Inlet.

The Spartan 151 jack-up rig is stationed in Cook Inlet to conduct a multi-year, multi-well
exploration program for Furie Operating Alaska LLC. Furie, formerly known as Escopeta Oil Co. LLC, is the operator of the Kitchen Lights Unit, the largest oil and gas exploration unit in Cook Inlet.

Furie’s offshore exploration drilling is carried out during the summer, but the rig must be moved off the well location during the ice season – typically November to May.

PGC Energy Services will conduct repairs to the Spartan 151 during the layup period, and offer shore-based services to the rig.

 

What People are Saying

“This project offers a very unique opportunity for Port Graham Corporation, its partner PGC Energy Services, and the Native Village of Port Graham to diversify its local economy and provide local employment that will sustain long term economic growth in the region.”

“As a subsistence based Native Alaskan Community, with long-term ties to the commercial fishing industry, Port Graham understands the delicate balance between protecting the local environment and embracing needed economic opportunity. An important stakeholder in lower Cook Inlet, Port Graham Corporation intends to provide long term support and service to the energy industry in the ocean waters that have sustained the community for generations.”

“Impacted by the Exxon Valdez oil spill of 1989, we understand the importance of staying informed, engaged and involved as oil and gas development progresses in the region. The industry has both an obligation and responsibility to the regional stakeholders to be sound stewards of the local environment. Port Graham is pleased to participate in helping to shape a partnership that will provide needed stakeholder participation and energy industry jobs for Alaskans.”

“This is a very unique partnership and we complement the vision of Furie in its desire to work with a remote Native community to support its winter maintenance and repair requirements and look forward to a long and productive relationship.”

Lloyd H. Stiassny
President/CEO
Port Graham Corporation

“This contract is a tremendous boost to the village. For village corporations it is a struggle to find contracts that provide work right in the village; to have jobs and training in the village is
exciting.”

“Our key concerns are to provide work for shareholders and protect the environment, especially our waters in and around the bay and the village. Most of our subsistence comes from the waters.”

“Subsistence is important. Even in economic times like these the effects are less if we can harvest our traditional foods.”

Walter Meganack Jr.
Chairman
Port Graham Development Corporation