26OCT2018 - NEWS - US approves first oil production facility in federal Arctic waters

The Trump administration has recently authorized Hilcorp Energy Co.’s plan to build an artificial gravel island in the Beaufort Sea north of Alaska and use it to extract crude — marking the first approval of an oil production facility in federal Arctic waters. The Interior Department’s conditional approval — subject to seasonal restrictions and other required permits — represents a major milestone for Hilcorp’s planned Liberty Project in the Beaufort Sea. The company’s Alaska subsidiary aims to build its nine-acre gravel island and production facility in shallow waters about five miles off the coast and 20 miles east of Prudhoe Bay. The planned production facility is unlike past Arctic oil ventures, such as Royal Dutch Shell Plc’s failed exploration campaign, which employed floating drilling rigs to hunt for crude 70 miles off the Alaska coast in the Chukchi Sea.

Published by Editor - www.Livebunkers.com at 26-Oct-2018 05:36:40 [UTC] , contact editor at editor@livebunkers.com