HEX Cook Inlet LLC and the Alaska Industrial Development and Export Authority inked the loan documents that will advance a $40 million drilling program in the Cook Inlet. The agreement supports a broader $50 million revolving line of credit for Furie Operating Alaska, LLC, operator of the Kitchen Lights Unit and a wholly owned subsidiary of HEX Cook Inlet.
The financing deal is a major step forward in addressing the regional demand for natural gas and will help Southcentral Alaska close its looming supply gap. The 2025 drilling program is expected to create up to 100 jobs during peak development phases and add five permanent positions post-completion. Furie is using the Spartan-151 jack-up rig, leased from Hilcorp Jack-Up Rig Company. In mid-April, Furie announced that the Spartan-151 rig had been moved from the rig tenders dock in Nikiski to the Julius R platform in the Kitchen Lights Unit. Drilling was expected to commence as early as mid-April to address potential shortages in Southcentral Alaska by the 2025/2026 winter
“This is more than a drilling project — it’s an investment in Alaska’s energy independence, economy, and workforce,” said John Hendrix, President and CEO of HEX Cook Inlet LLC. “Finalizing this agreement allows us to move ahead confidently, knowing we’re backed by a partner that shares our vision for long-term development and local impact.”
The collaboration in in line with AIDEA’s role in facilitating responsible resource development and long-term economic growth in the state.
“AIDEA is proud to partner with HEX on this impactful project,” said Randy Ruaro, AIDEA executive director. “This investment supports not only gas production but job creation, skill development, and long-term energy reliability for communities across Southcentral Alaska.”
Furie Operating Alaska has invested over $900 million in Cook Inlet to date and significantly increased its share of the region’s gas production — up 50% between December 2024 and February 2025. With the deployment of the Spartan 151 jack-up rig, Furie continues to assert its role as a key player in Alaska’s energy sector.
Furie is the only 100% Alaskan-owned oil and gas production company in the state.
Why do they need a $40 million loan from AIDEA? Why cant they fund this themselves?
Funny, these days $40M seems like a small number. I guess after watching Biden’s handlers dole out billions with zero accountability, we’ve become desensitized. The difference here is that it’s a loan which has a fair chance of being paid back.
Anchorage Voter: you apparently don’t understand that AIDEA was formed specifically to help with Alaska projects just like this. This is exactly what they do. And AIDEA will get more back than they loan to HEX. Although the projects are not of the same scale and one is mining and the other O&G, do some research into how much money AIDEA has made after it’s initial investment in Red Dog.
Anchorage Voter: Please read Randy Ruaro’s statement in Suzanne’s article. He explains it perfectly and doesn’t even mention that they will make money on the loan. That’s also what lenders do.
Also, most small companies take out loans to help finance projects. That’s also common. Do business much?