© Reuters. FILE PHOTO: A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid
(Reuters) – U.S. oil giant ConocoPhillips (NYSE:) has officially given the go-ahead for its $8 billion Willow oil and gas drilling project in Alaska. CEO Ryan Lance announced, “With this project authorization, we’ve begun winter construction.”
There has been some opposition to the project, with environmental and indigenous groups seeking to halt it in order to prevent cultural and environmental damage. However, the Willow project area is estimated to hold 600 million barrels of oil, and it is projected to produce up to 180,000 barrels of oil per day at its peak.
Alaskan officials have shown their support for the project, as they see it as a way to counteract the decline in oil production and boost the state’s oil and gas industry, which plays a crucial role in the economy.
