6 | Fairbanks Economic Development Corporation
the North Slope. This region that encom-
passes Alaska’s National Petroleum Reserve
contains the bulk of the known petroleum in
the state. Yet, beyond the reserve, other dis-
coveries have been made in an area known
as the Prudhoe Bay Oil Field. A 2012 U.S.
Geological survey surmised this area could
yield as much as two billion barrels of oil and
as much as 80 trillion cubic feet of natural
gas.
Dodson says while so much of the min-
erals and petroleum mined from the region
is expeditiously exported, part of his office’s
mission has been to support and encourage
growth of a value-added economy. For in-
stance, in recent years, Fairbanks has seen
two new refineries develop and these are
now supplying a large percentage of jet fuel
and auto fuel. Quite similar to the consensus
on Alaska’s petroleum deposits; Dodson says
the range of professional opportunities in
this industry segment have yet to be tapped.
However, Fairbank’s energy industry is help-
ing to foster growth of other industries. For
example, Fairbanks-based Lifewater Engi-
neering Company is a firm specializing in
the development of water treatment systems
that can function under the most extreme of
