While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades. ConocoPhillips has just seen the Biden Administration approve the Willow oil project in the National Petroleum Reserve-Alaska (NPR-A), allowing three out of five proposed drill sites.
Even the scaled-down project will be profitable and will work, the company and analysts say. One of the reasons why ConocoPhillips is betting on Alaska…The Only Oil Major Betting Big On Alaska
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