Alaska has long struggled to reverse its oil production decline
Alaska’s North Slope on cusp of potential revival
But difficulty accessing resources, particularly on federal land, is compounding the usual problems with operating in such a remote and unforgiving environment
The energy crisis of the 1970s helped propel Alaska to major oil producer status. And after over three decades of declining output despite the state having substantial resource potential, it appears the world’s latest energy crisis may contribute to an Alaskan oil revival. In August, Australian independent Santos, in partnership with Spanish energy company Repsol, announced FID to proceed with the first phase of the Pikka oil project in Alaska—a $3.7bn investment. “More carbon oil projects like Pikka Phase 1 are critical for global and US energy security,” says Santos CEO Kevin Gallagher. “We believe that this is the right project at the right time.” When Santos obtained its 51pc stake in Pi
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
