ConocoPhillips estimates that Alaska’s Willow project will produce approximately 600 MMbbl across its lifetime, the company said. (Source: Shutterstock.com)
ConocoPhillips has made a final investment decision (FID) to move forward with development of the Willow project in Alaska, the company said Dec. 22.
The FID approves the project and funds construction needed to reach first oil, the company said in a news release. The decision follows the Department of the Interior’s March 2023 record of decision and recent positive court orders, including this week's Ninth Circuit Court of Appeals denial of plaintiffs' request for an injunction, the company said.
"We are excited to reach this significant milestone," said Ryan Lance, chairman and chief executive officer. "With this project authorization, we've begun winter construction and Alaskans have started to receive the benefits from responsible energy development."
The project is projected to deliver $8 billion to $17 billion in new revenue for the federal government, the state of Alaska and Alaska Native communities, according to the Bureau of Land Management.
Willow is estimated to produce approximately 600 MMbbl over the lifetime of the project, decreasing American dependence on foreign energy supplies, ConocoPhillips said.
The project is “designed to support and coexist with subsistence activities on Alaska's North Slope,” and underwent five years of rigorous regulatory and environmental review, the company said. Willow’s construction will be undertaken with materials primarily made and sourced in the U.S. It has the potential to create more than 2,500 construction jobs and approximately 300 long-term jobs.
"We are grateful for the many supporters who advocated for Willow. Alaska Native communities and groups, especially those closest to the project on the North Slope, continually provided input that helped shape this project. We also appreciate the unwavering support from Alaska's bipartisan Congressional Delegation - Senators Lisa Murkowski and Dan Sullivan and Representative Mary Peltola - the state legislature and organized labor groups," Lance said. "Our employees and the contractor community have dedicated years to designing a project that will provide reliable energy while adhering to the highest environmental standards."
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