REPYY - Biden moves to restrict oil drilling in Alaska as federal policy shifts yet again

The Interior Department said Monday that it plans to block oil and gas leasing on ~11m acres of Alaska's North Slope which was set aside for energy development decades ago. The move comes after President Trump increased available acreage in the region; though Trump's move followed restrictions applied under Obama. The acres in question are entirely separate from Alaska's Arctic National Wildlife Refuge "ANWR" which saw leases suspended in mid 2021. Many companies are actively producing, appraising and exploring in nearby blocks, including Conoco (COP), Repsol (OTCQX:REPYY) and others; however, shifting federal policy has contributed to BP's (BP) recent exit and stable declines in production. With Q1 earnings around the corner, the news on Alaska leasing policy is yet another public-land issue for E&P (XLE) management teams to address during results calls.

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Biden moves to restrict oil drilling in Alaska, as federal policy shifts yet again