Biden Administration Suspended Oil Leases in the Arctic National Wildlife Refuge

ANWR

In August 2020, the Trump Administration opened the Arctic National Wildlife Refuge (ANWR) in Alaska to oil drilling for the first time. The U.S. Department of the Interior believes that this area can be drilled in a responsible and sustainable manner only taking up 0.01 percent of the 19 million acres of wildlife refuge. At the time of this decision, nearly 70% of Americans apposed drilling in this protected space. The initial land auction was supposed to take place at the end of 2020, but it was noted that the interest in the sale was quite low as most of the larger oil companies avoided the controversial sale. Read More

BP Exits Alaska

British Petroleum (BP) announced this week that they are selling their Alaska operations to Hilcorp Energy Co. for $5.6 billion dollars, ending their six-decade existence in “The Land of the Midnight Sun.”  The sale to Hilcorp Energy Co includes BP’s stake in the Prudhoe Bay oil field, the Point Thomson gas field and the Trans-Alaska Pipeline.  The deal makes Hilcorp Energy Co. the second largest Alaska producer, between leader ConocoPhillips and ExxonMobil.  The proposed deal is subject to state and federal regulatory approval but the deal is expected to be finalized in 2020, according to BP.

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