Alaska upstream: 2024 in review Report

Insight 16 January 2025

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Report summary

In 2024, Alaska's upstream oil and gas sector saw transformative developments. ConocoPhillips continues to advance the Willow project targeting 180,000 b/d by 2029. Santos fast-tracked the Pikka field, now over 67% complete. Corporate shifts include Eni selling off producing upstream assets to Hilcorp, and ConocoPhillips acquiring Chevron's non-operated stakes in Kuparuk and Prudhoe Bay. The Alaska Gasline Development Corporation is close to securing a new partner that would bring development expertise and be tasked with seeking out the US$44 billion in required funding to push the ambitious Alaska LNG project forward.