According to Financial Times, major oil producers including ExxonMobil, Shell, and Repsol bid a record $163 million in March for leases in Alaska’s National Petroleum Reserve. The bidding reflects increased interest from global energy companies in Arctic exploration. According to the U.S. Geological Survey, the reserve region contains an estimated 8.8 million barrels of recoverable oil. ConocoPhillips and Australia-based Santos also competed for leases covering more than 1 million acres in Alaska’s North Slope, a remote and resource-rich area with high operational costs.
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