HomeMy WebLinkAboutRESOLUTION 1997-17Suggested by: Mayor Williams
CITY OF KENAI .
' RESOLUTION NO. 97-17 ,",
A RESOLUTION OF THE COUNCIL OF THE CITY O,F KENAI, ALASKA, SUPPORTING
PHILLIPS ALASKA NATURAL GAS CORPORATION S AND MARATHON OIL
COMPANY'S APPLICATION FOR A FIVE-YEAR EXTENSION OF THEIR EXPORT
AUTHORIZATION FOR LIQUEFIED NATURAL GAS (LNG).
WHEREAS, the export of LNG from the Cook Inlet area has provided continual economic
benefit to the local economies as well as to the state and federal governments for nesrl 30
years; and Y
WHEREAS, the economic impact of the export of LNG for the five-year extension period is
estimated to be over $320 million; and
WHEREAS, the Alaska Department of Natural Resources' I
.atest estimate of proven natural
gas reserves in the Cook Inlet area is 3.28 trillion cubic feet, and an Independent study .
conducted by Geoquest estimates remaining proven reserves to be 3.57 trillion cubic feet,
and
WHEREAS,, these estimates are comparable and show there are sufficlen, t reserves to
support the local markets and export of LNG beyond the extension period and
WHEREAS, the Phillips/Marathon LNG project has enhanced economic stability in the cook` '""'
Inlet area for many years; and
WHEREAS, the extension of the export authority will provide Incentive to encourage further
exploration and development tn the area; thereby ensuring long-term stability to our
economic base.
NOW THEREFORE, BE IT RESOLVED BY THE COUN, ClL OF THE CITY OF KENA!,.
that it supports Phillips Alaska Natural Gas Corporation s and Marathon Oil Compaay s
application for a five-year extension of their export authorization for liquefied natural gas
(LNG).
PASSED BY THE COUNCIL OF THE CITY OF KENAi, ALASKA, this 19th. day of March,
1997.
ATTEST:
Carol L. Freas, City Clerk
3/12/97
kh
.lAMS, MAYOR