U.S. considering range of options for ConocoPhillips’ Willow drilling project

Author of the article: The Biden administration on Friday unveiled an environmental analysis for ConocoPhillips’ planned $6 billion Willow oil and gas project in Alaska and outlined several options for the development, including not building it at all. The release of the document has been highly anticipated by the oil and gas industry and environmental…
U.S. considering range of options for ConocoPhillips’ Willow drilling project

Author of the article:

The Biden administration on Friday unveiled an environmental analysis for ConocoPhillips’ planned $6 billion Willow oil and gas project in Alaska and outlined several options for the development, including not building it at all.

The release of the document has been highly anticipated by the oil and gas industry and environmental groups since last year, when a federal judge in Alaska reversed the Trump administration’s approval of the massive project and said federal agencies must reconsider their environmental analysis.

It comes as President Joe Biden has sought to balance his goals of fighting climate change with calls to increase fuel supplies in the face of soaring prices.

In the draft review, the U.S. Bureau of Land Management (BLM) analyzed five potential options for the project, including ConocoPhillips’ proposal to build up to five drill sites, dozens of miles of roads, seven bridges and pipelines. It also considered a scaled down version with fewer drill sites and other infrastructure that would have less of an impact on wildlife such as caribou.

BLM said it will also consider not approving the project at all. The bureau will accept public comment on the alternatives for 45 days, which it will consider in its final decision.

In a statement, ConocoPhillips spokesperson Dennis Nuss said Willow was “a strong example of environmentally and socially responsible development that offers extensive public benefits.”

The analysis is being released nearly a year after Alaska District Court Judge Sharon Gleason vacated the BLM’s approval of Willow, saying the bureau had failed to consider greenhouse gas emissions from foreign oil consumption in its review.

Willow was approved by the administration of former President Donald Trump as part of his push to ratchet up fossil fuel development on federal lands. Alaskan officials hope the project will help offset declining oil production in the state.

Willow would be located inside the National Petroleum Reserve-Alaska, a 23 million-acre area on the state’s North Slope that is the largest tract of undisturbed public land in the United States.

The Willow project area holds an estimated 600 million barrels of oil, or more than the amount currently held in the U.S. Strategic Petroleum Reserve, the country’s emergency supply stored in caverns along the Gulf Coast.

Environmental groups reiterated their opposition to the project on Friday.

Alaska Wilderness League Conservation Director Kristen Miller, in a statement, called it “an unparalleled climate and biodiversity threat that puts President Biden’s climate legacy at risk.” (Reporting by Nichola Groom in Los Angeles; Editing by Christian Schmollinger, William Mallard & Shri Navaratnam)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Clear Blue Technologies Provides Update to Convertible Debenture Financing and Engages Firm to Drive Social Media Engagement
Read More

Clear Blue Technologies Provides Update to Convertible Debenture Financing and Engages Firm to Drive Social Media Engagement

Author of the article: TORONTO, Jan. 07, 2022 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (“Clear Blue”) (TSXV: CBLU), the Smart Off-Grid™ Company, today announces an adjustment to the previously announced issuance of convertible unsecured subordinated debentures in 2021. The Company completed a private placement offering of convertible unsecured subordinated debentures (the “Debentures ”)…
RBNZ raises cash rate by 50 bps to 2.0%
Read More

RBNZ raises cash rate by 50 bps to 2.0%

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content WELLINGTON — New Zealand’s central bank raised interest rates by 50 basis points to 2.00% on Wednesday, its fifth rate hike in a row as it seeks to get on top of inflation. All but one of 21…
Telenor investors scrutinize Myanmar sale
Read More

Telenor investors scrutinize Myanmar sale

Author of the article: OSLO — Several investors in Telenor are seeking assurances from the Norwegian telecoms company that customer data will be protected following the sale of its operations in Myanmar. Myanmar’s military rulers have given the go-ahead for a local company, Shwe Byain Phyu, to own most of Telenor’s business in the Southeast…