Alaska upstream: 2019 in review and what to look for in 2020 Report

Insight 13 January 2020

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Report summary

2019 was a busy year for Alaska with a string of successful appraisal campaigns, some ground-breaking announcements on the corporate landscape and the filing of a new ballot intuitive. Fourteen exploration and appraisal wells were drilled with resulting resource upgrades announced at Willow, Pikka, and Narwhal. However, this success wasn’t echoed in the producing assets. 2019 proved to be yet another year of production decline for the state. A string of notable corporate deals was announced climaxing in August when BP declared its exit from the region in a US$US5.6 billion deal with Hilcorp. In August, a new ballot initiative, the Fair Share Act, was filed aiming to increase government tax take on Alaska largest fields. Finally, the year was closed out with another large corporate announcement with ConocoPhillips stating its intention to divest 25% of its North Slope assets. 2020 looks set to be an equally exciting year.