The Nanushuk play in the Pikka Unit represents one of the largest conventional oil discoveries made in the USA in the last 30 years, and the Pikka Phase 1 project is the most significant development on Alaska’s North Slope in more than 20 years, according to the company. Pikka has low emissions intensity, placing it in the top quartile of oil and gas development projects globally for greenhouse gas emissions performance, the company said.
Drilling in the ANWR, the largest national wildlife refuge, was off-limits for decades and the subject of fierce political fights between environmentalists and Alaska’s political leaders, who have long supported development in the coastal plain.
The Bureau of Land Management has offered the minimum possible amount of land in a mandatory lease sale for the Arctic National Wildlife Refuge, in keeping with the Biden administration’s efforts to minimize drilling in the area.
Pantheon Resources plc shared the results of the updated Independent Expert Report (“IER”) by Netherland Sewell & Associates, Inc. (“NSAI”). The update includes approximately 43,000 acres located on its 100% owned Kodiak oil and gas field on the North Slope of Alaska.
In a victory speech following the close of the Iowa Caucuses last night, the first electoral event of the U.S. Republican Party’s 2024 primary race, former President Donald Trump’s first order of business was a promise to “drill, baby, drill — right away” if re-elected. The priority given to concerns regarding the U.S.’s energy output by the Republican frontrunner appeals to Americans’ frustration with relatively elevated oil prices and an expectation that they will rebound again in the near future.
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.