By Sabela OjeaConocoPhillips approved the development of the Willow project in Alaska and the construction funds needed to reach oil. The Houston-based explorer, developer and producer of crude oil and natural gas on Friday said that the decision comes after the U.S. Department of Interior approved the $7 billion oil-drilling project in the Alaskan Artic. When completed, Willow is expected to produce about 600 million barrels across the lifetime of the project. In March, the Biden administration said it would allow drilling on three of the five drill sites proposed by ConocoPhillips, which announced the Willow discovery in 2017. The project went through five years of regulatory review and environmental scrutiny.

Source: Wall Street Journal December 23, 2023 10:06 UTC