The Willow oil project on Alaska’s petroleum-rich North Slope is part of a “new era” of large-scale development in the region but it isn’t a sure thing
on Alaska’s petroleum-rich North Slope is part of a “new era” of large-scale development in the region but it isn’t a sure thing, with litigation and costs among the factors that stand as potential impediments, a state official told lawmakers Thursday.
North Slope oil prices, which were around $115 a barrel this time last year amid Russia’s invasion of Ukraine, are currently in the $70-per-barrel range. Oil has long been the state’s economic lifeblood. Alaska political leaders — including Republican Gov. Mike Dunleavy, the state’s bipartisan congressional delegation and the Legislature — have pushed for Willow, in part seeing it as a way to boost the flow of oil through the trans-Alaska pipeline. Many leaders on the remote North Slope or with ties to the region have cast the project as economically vital for their communities. Unions have also spoken in support.
The approved project is smaller than what ConocoPhillips Alaska had earlier sought but the company said it welcomed the decision.
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