• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 14 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 4 hours Ecoside
  • 11 hours Oil at $40
  • 2 hours Japan’s Deflation Mindset Could Be Contagious
  • 17 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 6 hours US Military Spend at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 17 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 2 days Guaido and the Conoco Award
  • 8 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 2 days Welcome To The Club: Apple In Talks With Potential Suppliers Of Sensors For Self-Driving Cars
  • 13 hours Negative Gas Prices in the Permian
  • 13 hours Gas Flaring
  • 22 hours The Number Increases: Swiss To Support Belt And Road Push During President's China Trip

Oil Drillers Give Cold Shoulder To Alaska Bidding Round

TAPS pipeline

U.S. officials said a lease sale including newly offered lands from Arctic Alaska for oil drilling did not draw very many bids, according to a Reuters report.

Seven bids were received in total, encompassing roundly 80,000 acres, which translates to less a percent of the 10.3 million acres made available in the state’s National Petroleum Reserve under the Trump administration’s orders. The lease was the largest of its kind since 1999.

“Today’s lease sale shows once again the fuzzy Arctic refuge math by the Trump administration and congressional Republicans,” Kristen Miller of the Alaska Wilderness League told Alaska Dispatch News.

“There’s simply no market for oil leasing in the Arctic,” a spokesman for Democrats on the Senate Committee on Energy and Natural Resources added.

Alaska’s natural resources commissioner disagrees with this analysis, however. Andy Mack said a comparison between the failed NPR-A leasing round and future rounds in untouched areas was premature.

“The biggest point is this is wide open, with not one existing lease in this area,” Mack said.

Related: The 'Mega' Oil Field That Will Never Boom

The Department of the Interior is trying to expedite drilling permits in the Alaska National Wildlife Refuge, to the ire of environmentalists. Vincent DeVito, energy advisor to the Secretary of the Interior, told S&P Global Platts that the government would continue its environmental stewardship of the land despite the drilling. The latest effort would open eight percent of the refuge’s lands to oil and gas exploration.

Alaska’s congressional delegation is desperate to find a new source of oil supply because the state’s output has been in long-term decline for decades. Production peaked at just over 2 million barrels per day in the late 1980s, but has declined since then. For much of this year, the state’s output stood at just over 500,000 bpd.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News