BLM Moves to Fast-Track Oil Permits in Alaska Petroleum Reserve
BLM Moves to Fast-Track Oil Permits in Alaska Petroleum Reserve Gulf producers are accelerating alternative… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… The Bureau of Land Management wants to cut the permitting time for some oil and gas projects in Alaska’s National Petroleum Reserve to as little as 60 days, according to a Friday press release.
The proposed rule would replace separate case-by-case reviews for qualifying production sites with a standardized process covering common, repeatable activities that BLM says have already been studied extensively.
Rights-of-way and some drilling permit applications meeting predetermined criteria could receive decisions within 60 days.
The National Petroleum Reserve-Alaska covers roughly 23 million acres on Alaska’s North Slope.
About 3.5 million acres are currently under lease.
There are considerably more leases to develop after this year.
BLM’s March NPR-A auction drew bids on 187 tracts and generated more than$163 million,the highest revenue ever collected in a lease sale for the reserve.
The auction also produced the largest number of tracts receiving bids and the second-largest acreage total sold in a single NPR-A sale.
ExxonMobil, ConocoPhillips, and a Repsol-Shell consortium were among the successful bidders.
Getting acreage leased and getting oil out of it are two very different timelines in Alaska.
Operators still need drilling permits, rights-of-way and approvals for roads, pipelines, pads and other permanent infrastructure.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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