Commodities
ConocoPhillips Says More US Cuts to Alaska Plan Would Kill Project
- Fewer than three drill sites wouldn’t be economically viable
- Project could yield about 600 million barrels of crude oil
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The head of ConocoPhillips’s Alaska operations signaled the company would walk away from an $8 billion oil project in the Arctic if the US government forced it to further scale down drilling to just two locations, saying that would no longer be economically viable.
The warning comes as pressure intensifies on President Joe Biden to block the proposed Willow project in Alaska from environmentalists who say the warming world can’t afford to burn the estimated 600 million barrels of crude it could yield.