ConocoPhillips Raises Willow Cost to $9 Billion Citing Inflation
An exploratory drilling camp at the proposed site of the Willow oil project on Alaska's North Slope.
Source: ConocoPhillipsConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs.
The Houston oil giant, which initially estimated that its spending on the North Slope project was in the range of $7 billion to $7.5 billion, now expects oil production there to begin in early 2029, according to a statement Thursday.