Biden administration approve ConocoPhillips (New York Stock Exchange:policeman) has proposed a $7 billion Willow oil project on Alaska’s North Slope, Bloomberg reported Friday.
Under plans to be released next week, ConocoPhillips (policeman) is allowed to drill From three locations across the Alaska National Oil Reserve site, according to the report.
Last month, the U.S. Department of the Interior’s Bureau of Land Management announced that Recommend preferred alternatives For a project involving three drilling sites and less surface infrastructure than originally proposed.
ConocoPhillips (policeman) initially requested drilling from five locations at Willow, but approved BLM’s plans for three drilling sites.
Environmental activists who helped President Biden’s election said Willow’s endorsement would betray his campaign promises. Meanwhile, many Alaskan legislators, unions and Native Americans say the project will bring an economic boost to the region.
The company said Willow would not be able to survive if the government limited drilling to two locations.
ConocoPhillips (policeman) shares have It has fallen 8% since the first news of the Willow Project Review on February 1st..
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