The Biden administration greenlighted the enormous $8 billion Willow oil project on Alaska’s North Slope last month. Many decried the move as a betrayal of the United States pledge. A pledge to move away from fossil fuels in the fight against climate change. This is just a fraction of all the oil and gas projects in the whole world.
But an analysis of global data shows that Willow represents a small fraction of hundreds of new oil and gas extraction projects. These are projects in the past year across the world. It includes many more in the United States. And in the coming months, dozens of additional projects are on the way for approval.
ConocoPhillips’ Willow Project is a massive and decadeslong oil drilling venture on Alaska’s North Slope in the National Petroleum Reserve, which is owned by the federal government.
The area where the project will hold up to 600 million barrels of oil. That oil would take years to reach the market since the project has yet to start construction.
ConocoPhillips is a Houston-based energy company that has been exploring and drilling for oil in Alaska for years. The company is the only one that currently has oil drilling operations in Alaska’s National Petroleum Reserve, though its two operating projects are smaller than Willow would be.
Source: The New York Times
If you have further questions about the topic related to oil and gas projects, feel free to contact us here.