Kuparuk Olfield
Alaska’s tentative upstream revival
The war in Ukraine has given new impetus to oil and gas projects in the US’ most northerly state, but two proposed LNG projects may still struggle to reach FID
The Alaskan oil and gas industry has seen a minor revival since Russia’s invasion of Ukraine in early 2022 rekindled energy security concerns among major oil- and gas-importing countries around the world. In August 2022, Australian independent Santos and Spain’s Repsol sanctioned the $2.6b first phase of its Pikka project on Alaskan state-controlled land—marking the first 350m+ boe field to achieve FID in the state since 2000. And after missing three winter construction seasons due to lawsuits filed by conservation groups against its original federal regulatory approval, US superindie ConocoPhillips appears near to reaching FID on its $8b Willow oil project in the federally controlled Nation
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
