Lates News

According to the Financial Times, some of the world's largest oil companies are returning to the Arctic region of Alaska for exploration. They hope to supplement their oil reserves, achieve portfolio diversification, and profit from President Trump's enthusiasm for fossil fuel drilling. Producers such as ExxonMobil, Shell, and Repsol set a record with their bids in March, reaching $163 million for leasing rights in the Alaska National Petroleum Reserve. According to the US Geological Survey, the area has low exploration levels and is estimated to contain 8.8 million barrels of recoverable oil. ConocoPhillips and Australia's Santos also bid for leasing rights on over 1 million acres of the Alaska North Slope, an area rich in oil resources but frequently covered by ice and snow, leading to high operating costs.