State tax officials provided lawmakers an analysis of potential revenue impacts and benefits from the Willow project but noted uncertainty on several factors, including when the project ultimately might begin, oil price volatility and industry costs.
Alaska state Sen. Bert Stedman, center, a co-chair of the Senate Finance Committee, listens to a presentation on the Willow project on Thursday in Juneau.
But he also said multibillion-dollar, multiyear projects are complex and there is “significant runway” for the ConocoPhillips Alaska-backed Willow project to get to the development and production stages. Australia-based Santos is working with Repsol to advance the Pikka project. The state tax division’s modeling indicated Willow could lead to billions of dollars in revenue for the state, North Slope communities, federal government and the company over the project’s life, said Owen Stephens, a tax division analyst.
Environmental organizations and an Alaska Native group have filed lawsuits challenging Willow’s approval, arguing in part that the U.S. Bureau of Land Management failed to consider an adequate range of alternatives. A federal judge is expected to decide by early April whether to halt construction activities related to the project pending resolution of the cases, something the groups are requesting.
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