Summary

Oil majors are rediscovering Alaska amid the unprecedented oil and gas crunch caused by the war in the Middle East. Previously considered a sort of toxic drilling destination, the northernmost state is now returning to the spotlight as a source of secure supply. In early May, the Bureau of Land Management launched a lease sale for 625 tracts across about 5.5 million acres in the National Petroleum Reserve. The sale attracted record bids totaling $163 million, from companies including Exxon, Repsol, ConocoPhillips, Santos, and Shell.

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