Oil & Gas

Backed by strong public support across the state, the oil and gas industry serves as the cornerstone of Alaska's economy, driving state revenues, creating high-paying jobs, and attracting a rapidly growing, bold footprint of international investment. Thanks to both state leadership and federal support, our state is poised to lead in energy dominance, secure our nation's future, and launch Alaska to the top of the world stage.

Since its inception on the North Slope in 1977, oil production has yielded nearly 19 billion barrels of oil. Based on recent exploration, it has been revealed that Alaska holds the keys to the largest new conventional discoveries in North America in decades, with billions of additional barrels of resources in known accumulations and operating fields, ready for utilization. These industry opportunities are already garnering major investments across the North Slope, including ConocoPhillips' Willow Project in the National Petroleum Reserve, Santos's Pikka Project, and Hilcorp's Milne Point Expansion.

In addition to oil production, Alaska's natural gas capabilities have been a major driving factor for investment in the state. With Alaska's LNG pipeline fully permitted and the first gas expected to come online in 2031, the state is quickly emerging as a hotbed for international investment. Due to its proximity to Asia, Alaska is uniquely positioned to lead in exports to the continent. With tens of trillions of cubic feet of confirmed reserves and a resource potential possibly exceeding 100 trillion cubic feet, Alaska's natural gas production will be a key tool for harnessing and growing relationships with some of our closest allied nations.

Daily, Alaska recycles enough energy to supply California, Washington, and Oregon combined, and with the added unlocking of more resources, including the addition of over 100 Tcf of proven natural gas reserves, and Great Bear Pantheon's ongoing development of a new field with another 10 Tcf, Alaska's capabilities are unparalleled, especially as Alaskan gas is not tied to any index nor subject to commodity price volatility.

With 3.4 billion barrels of proven oil reserves and 125 trillion cubic feet of natural gas, Alaska is well-positioned to meet America's 21st-century energy demands, further fueling job creation, economic growth, and stronger ties with global allies.