ConocoPhillips to Develop Alaska-Based Willow Project Following Biden Administration Approval
23 December 2023 - 9:20AM
Dow Jones News
By Sabela Ojea
ConocoPhillips approved the development of the Willow project in
Alaska and the construction funds needed to reach oil.
The Houston-based explorer, developer and producer of crude oil
and natural gas on Friday said that the decision comes after the
U.S. Department of Interior approved the $7 billion oil-drilling
project in the Alaskan Artic.
When completed, Willow is expected to produce about 600 million
barrels across the lifetime of the project.
In March, the Biden administration said it would allow drilling
on three of the five drill sites proposed by ConocoPhillips, which
announced the Willow discovery in 2017.
Reducing the project's footprint to three drilling sites allows
Interior to protect migratory routes for the Teshekpuk Lake caribou
herd, an important source of subsistence for nearby Alaska Native
communities, while respecting the constraints of decades-old leases
held by ConocoPhillips, the department said.
The project went through five years of regulatory review and
environmental scrutiny.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 22, 2023 17:05 ET (22:05 GMT)
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