Is this correct? I've gone down a rabbit hole :)12 Apr 2023 22:18
ConocoPhillips paid $1.6 billion for the leases for the Willow project in 2016. The leases cover 230,000 acres in the National Petroleum Reserve-Alaska.
ConocoPhillips bought the leases for the Willow project from a variety of sellers, including:
Atlantic Richfield Company (ARCO)
BP America
Chevron Corporation
ExxonMobil
Marathon Oil Corporation
Phillips Petroleum Company
The leases were originally acquired by these companies in the 1980s and 1990s. ConocoPhillips acquired the leases from these companies in 2016.
The original estimated ultimate recovery (EUR) for the Willow leases was 600 million barrels of oil. However, a 2021 study by the U.S. Geological Survey (USGS) lowered the EUR to 390 million barrels of oil.