Industry Overview
Since the first production flowed from the Swanson River oilfield on the Kenai Peninsula in 1961, Alaska's oil and gas industry has produced more than 16 billion barrels of oil and 6 billion cubic feet of natural gas. This accounts for an average of 20 percent of the entire nation's domestic production.
Alaska is fortunate to be in a geologically-rich area. Four of the 10 largest oilfields in North America discovered to date are located on Alaska's North Slope, including Prudhoe Bay -- the largest oilfield in North America. Alaska's natural resources allow for three world-class oil & gas operations; from North Slope and Cook Inlet production, the trans-Alaska oil pipeline, and three in-state refineries, a liquified natural gas (LNG) plant and a fertilizer plant.
Alaska's oil and gas industry accounts for an average of 20 percent of U.S. domestic production.