ConocoPhillips Grants Final Approval for $8 Billion Willow Oil Project in Alaska
(Reuters) — U.S. oil giant ConocoPhillips on Friday gave the financial greenlight to its $8 billion Willow oil and gas drilling project in Alaska.
"With this project authorization, we've begun winter construction," CEO Ryan Lance said.
Environmental and indigenous groups in November asked a federal court in Alaska to temporarily bar ConocoPhillips from going forward with construction of the project in the state's Arctic, arguing a stay is necessary to stop imminent cultural and environmental harms.
The Willow project area holds an estimated 600 million barrels of oil, and ConocoPhillips has said the project will produce up to 180,000 barrels of oil per day at its peak.
The project development has been backed by Alaskan officials, who are hoping it will help offset oil production declines in a state whose economy relies heavily on the oil and gas industry.
Related News
Related News
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments