politics
ExxonMobil, Shell and Repsol Among Bidders for $163 Million in Alaska Oil Leases
Major oil companies placed record bids in March 2026 for leases in the National Petroleum Reserve of Alaska, which holds nearly 9 million barrels of oil. The activity marks the return of Exxon and Shell after a nearly decade-long hiatus, following Trump administration deregulation. Indian tankers also delivered LPG through the disrupted Strait of Hormuz as energy prices surged.
May 12, 11:17 AM·2m read2 sources
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ExxonMobil, Shell, Repsol and other major companies bid a record $163 million in March 2026 for leases in the National Petroleum Reserve of Alaska, according to the Financial Times. U.S. Geological Survey has reported.
Francisco Gea, executive managing director of exploration and production at Repsol, described the area as a strong prospect. “Alaska is a fantastic opportunity,” Gea said. ” ConocoPhillips and Australia’s Santos also bid for leases in Alaska’s North Slope.
The Trans Alaska Pipeline System, which is 800 miles long, carries oil from the North Slope in Prudhoe Bay to the port of Valdez. In March the Biden administration approved the Willow project, which will extract 600 million barrels of oil from the National Petroleum Reserve on Alaska’s North Slope. The return of Exxon and Shell to the region marks the end of a nearly decade-long hiatus.
Wael Sawan, chief executive of Shell, highlighted differences in the current opportunity. “It is a very, very, very different part of Alaska that we have gone to,” Sawan said. ” The Trump administration issued an executive order in January 2025 that directed a flurry of deregulation for oil and gas development.
The Biden administration’s special areas policy severely restricted oil and gas leasing. U.S. oil prospector, welcomed the policy shift. “Once you know what you’re looking for, it’s like finding balls on a dog.
This is the hottest play in the world right now,” Armstrong said. He credited the Trump administration for reopening the door to drilling and exploration in Alaska. Separate developments in global energy supply underscored the tight market.
