Their permit may require that they improve another patch of wetlands nearby, or pay an organization to preserve wetlands somewhere else. But federal agencies have begun requiring mitigation for other kinds of environmental damage, and at a U.S. Senate hearing Tuesday critics said it amounts to a coerced payment.
With Conoco-Phillips’ $500,000 donation, UAF’s engineering building has attracted $1 million in private gifts. It’s still just a fraction of the funding needed to finish the $122 million project.
American oil titan ConocoPhillips has sold its 50 percent stake in the Polar Lights drilling project in the Russian Arctic, according to Russian news media. The sale marks Conoco’s complete exit from Russia.
Project spokesperson Kim Fox called it a milestone in Alaska’s long quest for a natural gas pipeline.
A Texas-based company will begin drilling for oil in Cook Inlet next year using extended-reach oil wells.
It was standing-room only at a debate on whether to keep the new capped oil tax rate or to switch back to a system where the rate goes up along with the profits.
Bob Heinrich is the vice president of finance for Conoco Phillips, and he says that his company is happy with the bill as a starting point.