BOEM Greenlights First Oil Drilling Project In Alaska Federal Waters

[Swordsmyth]

The Bureau of Ocean Energy Management has approved Hilcorp Alaska’s drilling project for the Liberty prospect in the Beaufort Sea, and this is the first approval for a drilling project in federal waters, the Department of Interior said in a press release.

More at: https://oilprice.com/Latest-Energy-News/World-News/BOEM-Greenlights-First-Oil-Drilling-Project-In-Alaska-Federal-Waters.html

[Zippyjuan]

The Bureau of Ocean Energy Management has approved Hilcorp Alaska’s drilling project for the Liberty prospect in the Beaufort Sea, and this is the first approval for a drilling project in federal waters, the Department of Interior said in a press release.

More at: https://oilprice.com/Latest-Energy-News/World-News/BOEM-Greenlights-First-Oil-Drilling-Project-In-Alaska-Federal-Waters.html

Alaska oil revenues have been declining as existing fields face declining outputs. Their payments of royalty shares to citizens has also been declining- this year they got $1600- down $200 from 2015. This field will be only done under very strict conditions. From the link:


Hilcorp Alaska will have to make sure it fulfills several conditions that BOEM stipulated in its approval: it will have to only drill in the “hydrocarbon-bearing zone” and it may only drill “during times of solid ice conditions”. Also, drilling will only be allowed in certain periods during the year to avoid disturbing “Cross Island subsistence whaling activities.”

[Swordsmyth]

Alaska oil revenues have been declining as existing fields face declining outputs. Their payments of royalty shares to citizens has also been declining- this year they got $1600- down $200 from 2015. This field will be only done under very strict conditions. From the link:

And?