FAIRBANKS -- A Native corporation is launching a $37 million oil and gas exploration project in the Nenana Basin in Alaska's Interior.
Doyon Ltd. says plans include leasing 400,000 acres of state land and the drilling of an exploratory well.
The Fairbanks-based corporation also plans to do seismic tests on some of its property in the Yukon Flats, with a goal of finding a prospect for future drilling.
Doyon President and CEO Aaron Schutt told the Fairbanks Daily News-Miner that seismic tests completed this year in a 100-square-mile area in the northern basin were encouraging.
Doyon is the first company to take advantage of state incentives that reimburse companies for much of the cost of an exploratory well in the frontier basins, along with credits seismic exploration.