Happy Tuesday!
We love a follow-up, even if the
saga involving the 9th Circuit Court of Appeals hasn’t completely played
out yet for ConocoPhillips' Willow Project. See our blog back in the beginning of January 2024, if you want to get
to speed on the Willow Project on the North Slope.
Did anyone
happen to read the Oil & Gas Journal’s Daily Update Newsletter on August
1, 2024, their article titled, “ConocoPhillips raises full-year capex on Willow
development progress”? In the article, it
speaks about ConocoPhillips moved their capital expenditures budget to $11.5
billion according to their second-quarter 2024 operating statement. The U.S Department of Interior Bureau of Land
Management (BLM) approved three core pads for drilling after an Environmental
Impact Statement (EIS) back in 2023 for the Norh Slope in Alaska. ConocoPhillips has been progressing their
600-MMboe Willow Project
on Alaska’s North Slope, even though the case in the 9th Circuit
Court of Appeals is still active. As of
the Spring 2024 ConocoPhillips had materials begin to arrive for their central base,
and now they have started assembling it sooner than anticipated. The Willow Project is guesstimating to
cost approximately $8 billion, nonetheless they are expecting it to produce 600
million bbl. during its lifetime, and the federal, state and local authorities
are expecting approximately $8 to 17 billion in new money from taxes and royalties. Stay tuned for more on this project! If you would like to read more of the Oil
& Gas Journal’s article, please click the link: ConocoPhillips
raises full year capex on Willow development progress | Oil & Gas Journal
(ogj.com).
If you would
like help in looking into how to transport your product efficiently, safely, and
with less of a carbon footprint or just find out what is underneath your feet
to help with your emission reduction goals, contact us via email in the blog
and check out our ESC's website!
We hope you have a wonderful evening and a productive week!
**Disclaimer: You may be charged a fee to read The Oil
and Gas Journal’s article. **