The rig that Great Bear was using had already been contracted by another company for the North Slope's winter drilling season. As a result, Duncan was forced to scale back his plans and regroup.Supply-chain issues are driving the cost of drilling in northern Alaska. "You don't have a lot of materials," Duncan said. "You have companies competing for few rigs. The rig rates are high. Labor costs are high. Material costs are high on the North Slope."
Shale Oil: Geologist's Alaska Gamble Could Turn Into America's Next Big Shale Play
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.