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 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
