The Only Oil Major Betting Big On Alaska

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…