Knik Arm Services owner Mark Graber said it no longer felt worth it to hold onto the lease amid the legal battles.
With President Biden issuing executive orders pausing oil and gas leases and permits, Alaska’s U.S. senators are seeing years of their accomplishments erased.
The state won 10-year oil leases for nine pieces of land by submitting the minimum offer: $25 an acre. But drilling for oil in the refuge is expensive, and it faces an aggressive opposition campaign.
One of the Trump administration’s biggest energy initiatives suffered a stunning setback Wednesday, as a decades-long push to drill for oil in Alaska’s Arctic National Wildlife Refuge ended with a lease sale that attracted just three bidders — one of which was the state of Alaska itself.
This week, 88 Energy announced they’ve started setting up a rig on the North Slope to drill a second well for Project Icewine. According to a recent 88 Energy presentation, the company thinks its leases may hold between 1.4 and 3.6 billion barrels of oil.