Final SEIS Represents Major Milestone for the Willow Project and America’s Energy Future

By Arctic Business Journal - February 2, 2023
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Press release from ConocoPhillips

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ANCHORAGE, Alaska – ConocoPhillips (NYSE: COP) welcomes and continues to review the Bureau of Land Management’s (BLM) final Supplemental Environmental Impact Statement (SEIS) for the Willow Project, which represents a major milestone in the permitting process that commenced in 2018. Located in the National Petroleum Reserve in Alaska (NPR-A), the Willow Project is estimated to produce 180,000 barrels of oil per day at its peak and deliver $8 billion to $17 billion in new revenue for the federal government, the state of Alaska and North Slope Borough communities. The project would be built using materials primarily made and sourced in the United States and has the potential to create over 2,500 construction jobs and 300 long-term jobs.

Willow was designed to meet municipal, state and federal land management requirements, building on the company’s five-decade track record of continuous operational and technological improvements in Alaska. Additionally, federal law requires 50% of lease revenue from NPR-A projects be made available to a unique grant program that offers significant social and environmental justice benefits to Alaska Native communities.

“As a result, we believe Willow will benefit local communities and enhance American energy security while producing oil in an environmentally and socially responsible manner,” said Erec Isaacson, president, ConocoPhillips Alaska. “After nearly five years of rigorous regulatory review and environmental analysis, the National Environmental Policy Act (NEPA) process is almost complete and should be concluded without delay. ConocoPhillips looks forward to a final record of decision (ROD) and is ready to begin construction immediately after receiving a viable ROD and full authorization from all permitting agencies.”

In the SEIS, the BLM identifies Alternative E as the preferred alternative. Alternative E was developed by the BLM and cooperating agencies with extensive stakeholder input. Under Alternative E, the BLM could authorize three drill sites initially, and potentially one additional drill site in the future. This is a reduction from the five drill sites initially proposed by ConocoPhillips and a reduction of project footprint in the Teshekpuk Lake Special Area by more than 40%. The three core drill sites in Alternative E (BT1, BT2, and BT3) reflect an integrated design concept and provide a viable path forward for development of our leasehold.

ConocoPhillips Alaska intends to immediately initiate gravel road construction once all necessary approvals are in place, and then proceed to a final investment decision. Planning is currently in progress and mobilization could start as soon as February. Additional North Slope construction activities for Willow will occur throughout the summer and fall. Concurrently, material fabrication will begin in U.S. facilities and the pace of contracting and procurement will increase.

“We appreciate the strong support for Willow from communities on the North Slope and across the state, as well as from Alaska’s bipartisan congressional delegation,” Isaacson added. “Willow will produce much needed domestic energy while generating substantial public benefits.”

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About ConocoPhillips Alaska

ConocoPhillips Alaska has been leading the search for energy in Alaska for more than 50 years. The company is committed to responsibly developing Alaska’s resources, providing economic opportunity for Alaska, operating at the highest safety standards and being good stewards of our communities. For more information, visit www.conocophillipsalaska.com. To learn more about the Willow Project, https://powerincooperation.com/willow-info-center/.

Media Contacts

Rebecca Boys (Alaska) 907-263-4115, [email protected]

Dennis Nuss (Houston) 281-293-1149, [email protected]

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This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,”

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litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions or developments, including as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


Originally published on 1 February.

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