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.
ConocoPhillips today announced the company has made the final decision to build a new, roughly $1 billion drill site on the North Slope.
Beyond its current developments, the ConocoPhillips sees even more opportunity further west. But in that direction lies the off-limits Teshekpuk Lake Special Area.
A deregulation bill aimed at boosting energy production on federal lands cleared a U.S. House committee Wednesday. Known as the SECURE American Energy Act, H.R. 4239 would remove several limits on Arctic drilling, undoing former President Barack Obama’s decision to close off most Arctic waters to leasing.
Alaska’s capital budget this year includes $7.3 million to plan the construction of an Arctic road system.
Interior Secretary Ryan Zinke today ordered new studies on the oil and gas potential of federal land on the North Slope, including in the coastal plain of Arctic National Wildlife Refuge.
Last week, Hilcorp was finally able to fix a fuel line in Cook Inlet that regulators say started leaking gas in December. But the oil and gas company and its allies are still struggling to contain another issue: environmental groups, which argue that Hilcorp’s problems in Cook Inlet disqualify the company from drilling for oil in the Arctic Ocean.
The company and the feds are investigating a potential natural gas leak in Cook Inlet.
National Petroleum Reserve in Alaska didn’t see a full-scale oil development until 2015. As this new era begins, the Bureau of Land Management is adding another layer of protection to this vast, sensitive area.
Shell’s announcement left the state wondering what to blame—low oil prices? Tough regulations? Better prospects elsewhere? The full story is complex.