Reminder: May 30, 2021: why President Biden approved COP's giant Willow Field in Alaska. It was all about saving the TAPS -- a national security issue.
The Willow project: is all about saving TAPS.
President Biden could lose another pipeline -- though killing COP's Willow exploratory project would not result in loss of TAPS during Biden's first term but it could during Biden's second term.
My two cents: COP needs to go nose-to-nose with Biden administration -- "five or nothing; and nothing means the end of TAPS."
Re-posting:
Alaska: COP might get its 3-well project. Alaska is tracked here.
- Reminder: May 30, 2021: why President Biden approved COP's giant Willow Field in Alaska. It was all about saving the TAPS -- a national security issue. Update: link here.
- Willlow project on North Slope
- 600 million bbls; $8 billion
- COP wants 5-well exploration project
- Biden willing to go to 3-well program -- COP says anything less is uneconomical
- if no decision quickly, summer 2023 drilling program dead
- Biden says "okay" but bureaucrats hold the sealed envelope with the final decision. Me? The story is a political story, not an energy story -- except for COP which is running out of oil plays.
Willow by the numbers:
- 600 million bbls recoverable
- 200,000 bopd production
- 3,000 days of production
- ten years of production
- global production: 200,000 bopd / 100 million bopd = 0.2%
- US production: 200,000 bopd / 12 million bopd = 1.6%
- Permian production: 200,000 bopd / 3.5 million bopd = 5.7%
Guyana-Suriname Basin: rise from obscurity to super potential, WorldOil, May, 2021.
- estimates of 10+ billion bbls of oil
- estimates of 30 tera cubic feet of natural gas
July 1, 2016: this ExxonMobil - Guyana story is getting a lot of press. This may be quite a story:
ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, is a discovery that is much larger than previously expected.
The Liza field could turn out to be the largest oil discovery reported in two years and the companies say that it could cost $18 billion to develop.
Exxon describes it as a “world-class discovery with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.”
That could amount to as much as half of the entire volume of oil discovered across the entire industry in 2015.
Update: link here.
More background data, from the EIA, April 26, 2021:
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