Willow Project to deliver jobs, billions in government revenue

The Biden administration approved oil well drilling Known as the “Willow Project” over objections from environmental groups, the project is expected to bring substantial benefits to the Alaska economy and billions in government revenue.

The Willow project is located on the North Slope of Alaska in a small part of what is known as the Alaska National Petroleum Reserve (NPR-A). Its area is about 500 acres, while NPR-A is a 23 million acre area on the North Slope, originally set aside 100 years ago by President Warren Harding as an emergency oil reserve for the US Navy, before it was transferred to the US. . Bureau of Land Management of the Department of the Interior and opened for potential oil and gas leases in 1976.

ConocoPhillips, which will develop the Willow project, said it estimates the project will generate between $8 billion and $17 billion in new tax revenue for the federal government. Alaska and the communities of North Slope County.

The project can create more 2500 construction jobs and about 300 long-term jobs.

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The company estimates that the Willow project will produce a maximum production of 180,000 barrels of oil per day or more than 65 million barrels per year, which will reduce US dependence on foreign oil. He also noted that the Willow Project has passed a five-year regulatory review under the National Environmental Policy Act and is designed with mitigation measures designed to not interfere with the subsistence of Alaska Native communities.

“It was the right decision for Alaska and our country,” said ConocoPhillips Chairman and CEO Ryan Lance. “Willow is in line with the Biden administration’s environmental and social justice priorities by facilitating energy transition and improving our energy security while creating good union jobs and benefiting Alaska Native communities.

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“We are sincerely grateful for the continued support of the Alaska Congressional Delegation – Senators Lisa Murkowski and Dan Sullivan and Representative Mary Peltola – Alaska Native Communities, the State Legislature and Organized Working Groups.”

While Biden administration after approving the Willow project, he narrowed it down when the Bureau of Land and Interior rejected ConocoPhillips’ request to develop five drilling sites and instead approved only three.

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The administration said this would reduce the need to build additional roads and pipelines and gravel associated with the two rejected sites, the elimination of which would “reduce the potential impact on caribou migration and livelihood consumers.”

Prior to the decision, ConocoPhillips stated that a minimum of three drilling sites was needed to make the energy project economically viable.

Alaska Gov. Mike Dunleavy, a Republican, supported the Willow Project and its approval, but also criticized a separate move by the Biden administration to block future oil and gas development on nearly 16 million acres of Alaska.

Dunleavy called the decision “shameful” and said that instead of cutting global oil consumption, it would “simply change the market and give leverage to producers in countries that don’t live up to our high environmental and human rights standards.”

He added: “At the end of the day, every American pays a price when President Biden restricts our ability to develop our own energy resources.”

Environmental groups continued to express opposition to the Willow project, despite the approval of the Biden administration.

Ticker	Safety	Last	Change	Change %
KS	CONOCOPHILLIPS	95.26	-6.10	-6.02%

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Climate Justice Alliance, Nationwide Network climate justice groups, condemned the Biden administration for green-lighting the Willow project. Group co-executive directors Bineshi Albert, Monica Atkins and Marion Gee said in a joint statement: “You cannot endorse the largest oil production facility on U.S. public lands in the midst of a climate emergency and expect indigenous, black, brown and other frontline communities to believe at your word.

“Real and secure community solutions, such as community-controlled solar and wind power, is where we need to invest now,” they added. “Untested and risky enterprise technologies like carbon capture and storage will further devastate our communities and prolong the damage from the fossil fuel industry. ConocoPhillips and other fossil fuel giants don’t need additional profits or government incentives.”