ConocoPhillips Catches Major Oil Project Approval in Alaska

ConocoPhillips Catches Major Oil Project Approval in Alaska

ConocoPhillips, US-based energy firm, has got approval for drilling in a major National Petroleum Reserve in Alaska by Bureau of Land Management. The company proposed a Willow MDP (Master Development Plan) which is expected to produce more than 160,000 BPD (barrels per day) in excess in its anticipated 30-year life. With a processing ability of 200,000 oil barrels a day, it would produce over 590M barrels in its entire life. 

The project is forecasted to create around 1000 jobs during peak construction and 400 jobs during operations, which will aid the national economy significantly. 

Meanwhile, the company’s stock prices are already 37% down since the beginning of the year, but the news shows a positive buy signal, with the experts’ anticipating price target around $52, that is 26% surge above current prices.

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